CorTrust Bank, Mitchell, S.D., has reached an agreement to purchase the 110-year-old State Bank of Delano, which is located roughly one hour west of Minneapolis.
The $90 million in asset State Bank of Delano will become the fourth Minnesota location for the $805 million CorTrust, which operates 22 offices in South Dakota and was, until 1993, called the Livestock State Bank. CorTrust’s other Minnesota branches are located in Woodbury, Blaine and Brooklyn Park, all suburbs of the Twin Cities.
Jack Hopkins, a third-generation banker, has been president of CorTrust Bank since 2004.
“We see our potential and the potential for Delano,” State Bank of Delano President Wendy Gilmer told the Delano Herald Journal. “We have found a partner that recognizes our strengths and values, where we are going as a community and as an organization . . . We are proud of our heritage.”
“This was not an easy decision,” Steve Gilmer is quoted as saying. “We feel great loyalty to our employees, our customers, and our community. We have always had tremendous respect for them. I witness the goodwill that their approach generates. We are grateful to be a part of this organization.”
The deal is subject to regulatory approval.