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NATCOM Bancshares to buy parent of RiverWood Bank in Minnesota

NATCOM Bancshares in Superior, Wis., has agreed to buy Great River Holding Co. in Baxter, Minn.

NATCOM, the parent of the $1.4 billion-asset National Bank of Commerce said in a press release that it will buy the holding company for the $625 million-asset RiverWood Bank for an undisclosed amount of cash. The deal is expected to close late this year or early 2025.

RiverWood has 11 branches, while National Bank of Commerce has seven locations.

“We have been looking for strategic opportunities to further expand … into greater Minnesota, and we believe we have found the ideal partner in RiverWood,” Brad Roden, National Bank of Commerce’s CEO, said in the release.

“By bringing together two high-performing and like-minded community banks who share a commitment to serving their local communities, we will continue to provide individuals and businesses with excellent service and a full range of financial products,” Roden added.

Paul Means, RiverWood’s CEO, will join National Bank of Commerce.

Performance Trust Capital Partners, which referred to the deal as “Project Wake,” advised NATCOM.

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