Park State Bank in Duluth, Minn., has applied to buy First National Bank of Chisholm in Minnesota.
The $1.4 billion-asset Park State submitted its application with the Federal Deposit Insurance Corp. on Sept. 18. It did not disclose how much it plans to pay for the $77.3 million-asset First National.
The deal is expected to close in the fourth quarter.
“This is more than a merger — it’s a meaningful step forward for the communities we already serve,” David Saber, Park State’s chairman and CEO, said in a press release announcing the deal. “By joining forces … we are expanding access to services and conveniences for First National Bank customers, while deepening our ability to support the financial needs of our shared communities.”