Glencoe, Minn.-based Security Bank & Trust has agreed to acquire the State Bank of Hamburg, Minn.
The one-branch bank has $26 million in assets, $24 million in deposits and $11 million in loans.
“We are excited to provide our financial services to the Hamburg community and look forward to having the Hamburg employees join our team” said Gale Hoese, CEO of Security Bank & Trust Co. “We have a long history in the area and the addition of Hamburg grows our branch network to 13 branches in McLeod, Carver, and Sibley counties. Our family is appreciative of our continued ability to be growing, together with our communities and our employees.”
Security had assets of $514 million, loans of $322 million and deposits of $464 million as of March 31. In addition to its main offices in Glencoe, the bank operates branch offices in Brownton, Chaska, Cologne, Mayer, New Auburn, New Germany, Plato, Waconia, and Winsted, Minn.