The organizers of the proposed Battle Financial in Edwards, Colo., have received approval from the Federal Reserve to become a bank holding company.
The approval allows the group to complete its pending purchase of Stearns Bank Upsala in Upsala, Minn. Stearns Financial first disclosed plans to sell the $65 million-asset bank in March. The price wasn’t disclosed.
Stearns would be rebranded as Battle Bank.
“It’s been a long road of planning, building, and pushing through, and I’m proud of our team’s perseverance,” Frank Trotter, Battle’s president, said in a press release. “With this approval, we’re officially moving from idea to institution.”