Truman, Minn.-based financial services solutions center Profinium recently sold its trust operations to Rock Valley, Iowa-based Peoples Bank.
Profinium is expected to have improved trust services for its clients through a marketing agreement with Peoples, according to TruStar Advisors, which served as financial adviser to the company.
“The transaction will allow both banks to focus on their strengths while continuing to serve its customer base,” according to TruStar Advisors.
As of June 30, Peoples Bank had $971 million in assets and 129 full-time employees. Profinium has four locations, in Truman, Fairmont, Owatonna and Mankato.