Pioneer finalizes deal, starts branch build

Pioneer Bank’s new Mankato, Minn., location will feature a second-floor community room.

Minnesota’s Pioneer Bank finalized its acquisition of the one-branch Nicollet County Bank, St. Peter, Minn., earlier this month.

Nathan Newhouse was named president of the $178 million bank. Newhouse—formerly market president of Pioneer Bank in Mankato—provides more than 19 years of banking experience. Once the merger is finalized in August, Newhouse will assume the role of market president for Pioneer Bank’s St. Peter location.

“We are excited about having the purchase finalized and looking forward to the merger between Pioneer Bank and Nicollet County Bank in August,” said David P. Krause, CEO of Pioneer Bank. “We are committed to providing the same high level of service to the customers of Nicollet County Bank and to new customers in St. Peter and surrounding communities.”

The Mapleton, Minn.-chartered Pioneer also began construction of its new Mankato location on the northwest quadrant of the Victory Drive and Adams Street intersection. There was a groundbreaking held the morning of May 16 at the site.

Completion is slated for January 2020, and the building will feature a modern lobby with self-serve teller stations, offices and a community room on the second floor. This is Pioneer Bank’s ninth location in southern Minnesota.

Nathan Newhouse

“We are very excited to begin construction on our new Mankato location,” Krause said. “The Mankato economy has spurred a healthy banking sector with education, medical, small business, housing — there’s a lot of good things in Mankato.”

The $454 million Pioneer Bank currently has offices in Mankato, North Mankato, St. James, Madelia, Mapleton, Lewisville and Lake Crystal, Minn., as well as operating Nicollet County Bank in St. Peter.