Marshfield, Wis.-based Forward Bank is acquiring Lake City Federal Bank in Minnesota.
By acquiring the $75 million bank, Forward Bank will open its first Minnesota branch and increase its number of overall branches to 15.
The merger is expected to be completed in the second quarter of next year. Lake City Federal Bank will continue operating under its existing name until later in 2024.
No changes are expected to digital banking or the existing Lake City Federal Bank website.
“Forward Bank is excited to bring two like-minded mutual banks together to expand services in the Lake City community,” said Bill Sennholz, CEO of $963 million Forward Bank. “We are committed to providing the highest level of customer care during this transition and throughout our relationship with each person or business.”