First National Bank Minnesota, subsidiary of Bancommunity Service Corporation, announced on Friday that its purchase of the State Bank of Belle Plaine has been finalized.
The announcement comes after the merger earned the approval of the Federal Reserve Bank of Minneapolis and the Minnesota Department of Commerce. According to a Bancommunity release on the matter, the merger will be finalized in April of 2020. It was first announced in July.
“We are pleased about having the purchase completed and are looking forward to the merger of State Bank of Belle Plaine and First National Bank Minnesota in April 2020,” President and CEO of First National Bank Minnesota Michael Bresnahan said.“Customers of State Bank of Belle Plaine will continue to experience the values and benefits of working with a local community bank, with local decision-making authority, and deep commitment to the success and future of the customers, farmers and businesses in Belle Plaine and surrounding areas.”
Bancommunity, who now operates the State Bank of Belle Plaine, also announced that the State Bank of Belle Plaine named Michael Ludvik its market president. Bancommunity lauded Ludvik's 13 years of banking experience and noted that he spent the last five years as a senior loan officer with the State Bank.
Bancommunity also noted that they believe customers will feel at home with the new leadership.
"Other than the retirement of Paul and Bill Gatz[the outgoing State Bank president and CEO and vice president respectively], all other employees, the office location and the commitment to the Belle Plaine community and surrounding areas will not change," the release states.
Upon completion of the merger with the State Bank of Belle Plaine, First National Bank Minnesota will have assets exceeding $335 million with four locations, including those in St. Peter, Mankato and Gaylord. First National Bank Minnesota was chartered in 1857.