First American acquires Minnesota bank
First American Bank announced that it has entered into an agreement to purchase Great
Northern Bank of St. Michael, Minn., and will merge it into First American Bank. First American Bank, 2424 Monetary Blvd., Suite 107, is currently in the process of obtaining regulatory approval of the transaction and anticipates the merger transaction will close in the third quarter.
"The board and management of First American are excited about the opportunities the merger will create." said First American President/CEO John Malmberg. "Over the last several years, the regulatory burden on banks has become cumbersome - a larger bank can better handle that burden."
He said the merged entity, because of its larger size, will also have the ability to make larger, more complex loans and will continue to offer products on the cutting edge of technology.
First American Bank is a locally owned independent bank with its only location in Hudson. It was chartered in Hudson in 2007 and has grown steadily to its current size of $90 million plus in assets. It is the second largest bank in Hudson by deposit size, having achieved that distinction in 2010.
Malmberg said the bank's board and management feel that the purchase of Great Northern Bank is an excellent decision because the success of both banks has been driven by a focus on strong, personal customer service and doing what is best for the community.
"First American Bank looks forward to a continued strong relationship with businesses and consumers in the Hudson area," Malmberg said.