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Lake Area Bank closes deal to acquire banks |
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Wednesday, 20 February 2008 |
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Lake Area Bank has announced the closing of the purchase transaction acquiring the Minnesota assets of S&C Bank from AnchorBank, fsb. Terms of the acquisition were not disclosed. Regulatory approvals of the transaction were previously received from the Federal Deposit Insurance Corporation on Jan. 17 and the Minnesota Department of Commerce on Jan. 23. The addition of S&C Bank will add branch offices in the communities of Almelund, Harris and Stillwater, along with an undeveloped bank location in Cottage Grove. All Minnesota S&C employees will transfer their employment to Lake Area Bank. “We are excited to welcome new customers and employees to the Lake Area Bank Family,” said Marc Campbell, president and chief operating officer. “Adding these three new locations will not only expand our presence in Chisago County, it will introduce Lake Area Bank into the St. Croix Valley area with the Stillwater location,” Founded in 1915, the locally owned Lake Area Bank reports assets of $300 million. The bank serves area businesses and residents from eight locations: Almelund, Forest Lake, Harris, Hugo, Lindstrom, Maplewood, Stillwater and White Bear Lake.
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