Citizens Alliance Bank in Clara City, Minn., has agreed to buy Granite Mountain Bank in Butte, Mont.
The $1.2 billion-based unit of Forstrom Bancorp. filed its application with the Federal Deposit Insurance Corp. on Monday to buy the $135 million-asset Granite Mountain. The deal is expected to close later this year.
Neil Bolton, Granite Mountain’s president, is expected to lead GMB’s branches when the deal closes.
Granite Mountain was named after a mine where about 165 were killed as a result of a fire in 1917.