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Grand Marais and CenBank in Minnesota to merge

The owners of Grand Marais State Bank in Grand Marais, Minn., and CenBank in Buffalo Lake, Minn., are merging the banks.

The group said in a press release that it expects to merge the $81.3 million-asset CenBank into the $117.6 million-asset Grand Marais in the first quarter.

Grand Marais will have five branches when the merger is complete.

“This merger provides Grand Marais … an opportunity for significant growth and will only add to the strength and service of the bank as a whole,” the release said. “It is an opportunity to bring together two highly performing and well-run institutions.”

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