Forward Bank in Marshfield, Wis., has agreed to buy Lake City Federal Bank in Lake City, Minn.
The $964 million-asset Forward recently submitted its applications with regulators. It plans to complete its purchase of the $76 million-asset Lake City in the second quarter.
The financial terms weren’t disclosed.
“Our banks will work closely to ensure that the transition is smooth,” Bill Sennholz, Forward’s CEO, said in the announcement.
Forward “is excited to bring two like-minded mutual banks together to expand services in the Lake City community,” Sennholz added. “We are committed to providing the highest level of customer care during this transition and throughout our relationship with each person or business.”