Three family-owned banks in Minnesota and Wisconsin are merging into one charter. The move affects the $106 million Unity Bank North, Red Lake Falls, Minn., the $180 million Unity Bank, Augusta, Wis., and the $217 million Unity Bank, Rush City, Minn.
After the merger, Unity Bank, Augusta, will have 15 locations across Minnesota and Wisconsin, and $540 million in assets. It will employ just under 170 people.
“This merger has been a family goal of ours for several years and we are thrilled to see it come to reality,” said Rachel Goodell. “We know this will will bring about positive change for our customers and our bank employees. It will certainly make Unity Bank stronger and more competitive in the market, and the increased resources will ensure that we are more capable of providing quality customer service in all aspects.”
The executive team of the unified bank will be:
- Rachel Goodell, CEO (Augusta)
- Terry Rosengarten, president & chief operating officer (Augusta)
- Darrin Wilson, chief credit officer (Augusta)
- Vanae Pearson, chief financial officer (Edina, Minn.)
- Reed Engelstad, chief commercial relationship officer (Red Lake Falls)
- Amy Gutzman, chief retail banking officer (Crosby, Minn.)