Star Bank in Maple Lake, Minn., has applied to buy Community Development Bank in Hancock, Minn.
The $380 million-asset Star filed its application to buy the $189 million-asset Community Development Bank on Friday. The purchase is expected to close in late March. The price wasn’t disclosed.
“We are excited about this opportunity to expand our service into Hancock,” Harry Wahlquist, Star’s CEO, said in a press release. “I anticipate a smooth transition and hope for a positive reaction within the local area.”
Star was advised by the Fredrikson law firm. Community Development Bank was advised by Winthrop & Weinstine.