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.”