Flagship Financial Group in Eden Prairie, Minn., and Security Bancshares in Glencoe, Minn., are planning to merge before buying another bank.
The companies, which are under common control, plan to complete their merger by the end of this year, Andy Schornack, Flagship’s CEO, tweeted.
Flagship is the parent of the $319 million-asset Flagship Bank, while Security Bancshares is the holding company for the $703 million-asset Security Bank & Trust. Those banks are expected to merge in the second quarter.
Separately, Security Bank plans to acquire the $87.3 million-asset Cambridge State Bank in Cambridge, Minn., in a transaction expected to close early next year. The price wasn’t disclosed.
“We are excited by the opportunity to extend our financial services to the Cambridge community and welcome the dedicated employees of Cambridge State Bank to our team,” Schornack said.
“This partnership allows us to continue growing together with our communities and employees, building on our long history of serving the unique financial needs of Minnesota residents,” he added.