11/02/2016: Flagship Bank announces Minnetonka branch acquisition
FLAGSHIP BANK MINNESOTA announced today that it has entered into an agreement to acquire the Americana Community Bank branch and deposits located at 3330 County Rd 101, Minnetonka, MN 55391 with a closing anticipated in the first quarter of 2017.
“We are community bankers and know business, real estate lending very well. We look forward to the Minnetonka branch employees joining our team and continuing our investment in the Lake Minnetonka surrounding market.”
Flagship Bank Minnesota had assets of approximately $179 million, loans of $133 million and deposits of $156 million as of October 31, 2016. In addition to its main office in Wayzata, the bank operates branch offices in Eden Prairie, Isanti, Ramsey, and North Oaks, Minnesota.
“Let me start by welcoming the Americana Community Bank Minnetonka branch staff. We are in the relationship business and it is only good as our people.” said Andy Schornack, President/CEO of Flagship Bank Minnesota. “By offering our new customers the relationship experience they have been accustomed to, with the financial solutions they need and through the delivery channels they have come to expect, we will strive to become the community bank of choice around Lake Minnetonka. Both banks will work together to ensure a smooth transition for the customers and employees.”
The transaction is subject to approvals by bank regulatory authorities and is expected to close during the first quarter of 2017.
“The sale of this branch wasn’t an easy decision.” Adam Dittrich, President/CEO of Americana Community Bank stated. “We realize that many of our Minnetonka customers have banked with Americana Community Bank since we opened the branch in 2000. We have enjoyed working with all of you and will sorely miss the interactions we’ve had with you over the years. Because we care about all of you, when contemplating this sale it was important to us that we find another company who would embrace the Deephaven neighborhood the way we have. We feel that Flagship Bank Minnesota will be a good fit for your community. They are excited to support you, their future customers, and the Deephaven and Minnetonka community.”
About Flagship Bank Minnesota
Since its charter in 1875, Flagship Bank Minnesota has focused on serving the unique financial needs of Minnesota professionals, nonprofit organizations, and business owners. As a private, locally owned bank, our desire is to earn customers’ trust and respect, and deliver products of value with outstanding service…always…every day.
Flagship Bank Minnesota is a Member FDIC and Equal Housing Lender.https://www.flagshipbanks.com/