Maple Lake, Minn.-based Star Bank is acquiring the Hancock, Minn., branch of Community Development Bank.
The acquisition of the central Minnesota branch is expected to be completed late next month. Community Development Bank is based in Ogema, Minn., which is 125 miles north of Hancock. The $380 million, family-owned Star Bank currently serves central Minnesota customers in seven counties.
“We are excited about this opportunity to expand our service into Hancock,” said Star Bank CEO and Founder Harry Wahlquist. “Star Bank already operates nearby offices in Graceville, Wheaton, Barrett and Elbow Lake, and we have a good familiarity and appreciation of the Hancock community. I anticipate a smooth transition and hope for a positive reaction within the local area.”
Star Bank is represented by Minneapolis-based Fredrikson law firm. The $188 million Community Development Bank is being legally advised by Minneapolis-based Winthrop & Weinstine, P.A.