Bloomington, Minn.-based MidCountry Bank is acquiring Lake Community Bank.
The deal is expected to close by Jan. 1. Both banks are already owned by Minneapolis-based holding company MidCountry Acquisition Corp.
Following the merger, Lake Community Bank’s sole branch, an office in the west Twin Cities suburb of Long Lake, will function as a MidCountry location. The merger increases the number of MidCountry branches to 14 in the Twin Cities metro area and Greater Minnesota.
The $1.1 billion MidCountry described the merger as a way to provide greater lending capacity and product offerings, offer more in-house career opportunities, and bolster its in-state market position.
“This is an exciting opportunity for our customers and our employees,” added Brian Peters, president and CEO of the $163 million Lake Community Bank. “We will be able to provide additional resources, products, and services, as well as give customers greater access across a larger branch and ATM network. I look forward to our future together.”
MidCountry Bank President and CEO Steve Meads said the two banks have “strong market reputations, similar cultures and the dedication to help clients achieve their financial goals. We believe we will be stronger together and able to do great things for our team members, our customers, and the communities we serve through this merger.”