North Dakota banks will merge

Westbrand, Inc., based in Minot, N.D., is set to acquire BlackRidgeBANK in Fargo, N.D., later this year for an undisclosed amount.

After the deal closes in the fourth quarter, the $1.1 billion Westbrand will merge its subsidiary First Western Bank & Trust with BlackRidge in the first quarter of 2020.

“First Western Bank & Trust is excited to announce this partnership of two great community banks, with a combined footprint extending from Minot to Minneapolis,” said First Western Bank & Trust President and CEO Brenda Foster.

Combined, the banks will have assets of nearly $1.7 billion, with more than 300 employees at 15 different locations in 11 communities across North Dakota and Minnesota, including Minot, Bismarck, Fargo and West Fargo in North Dakota, as well as Alexandria, Carlos, Miltona, Baxter, Crosslake, Nisswa and Eden Prairie/Minneapolis, in Minnesota. 

“By partnering with First Western Bank & Trust, we access the strength and leverage of a larger financial institution with broad and complementary activities. This positions us for an even more dynamic client-centric future,” said Mark Anderson, president and CEO of the $483 million BlackRidge.

Winthrop & Weinstine, P.A. acted as legal advisor and Oakridge Financial Services Group, Inc. acted as financial advisor to BlackRidge Financial, Inc. Gerrish Smith Tuck, PC acted as legal advisor to Westbrand, Inc.