Minnwest Bank in Redwood Falls, Minn., has agreed to buy Roundbank in Waseca, Minn.
The $2.4 billion-asset Minnwest said in a press release that it expects to complete the purchase of the $385 million-asset Roundbank by the end of this year. The bank did not disclose the price it will pay.
The proposed acquisition “represents an exciting opportunity for Minnwest to expand its geographic footprint and customer reach,” Doug Karsky, Minnwest’s president and CEO, said in the release.
Roundbank has four branches located in the Minnesota cities of Waseca, New Prague, Waldorf and Farmington. The bank was purchased from U.S. Bancorp predecessor First Bank System by the Erickson family, along with local directors and management, in 1987.
Minnwest has 32 branches in Minnesota and South Dakota.