First American Bank, headquartered in Hudson, Wisconsin, with a major branch in St. Michael, has announced it is selling off its St. Michael location to Community Development Bank.
The sale comes just over three years after Great Northern Bank of St. Michael’s agreement to a merger with First American Bank became official in the eyes of the OCC. That merger was a major shake-up for St. Michael’s banking scene, which had made Great Northern Bank a mainstay – and one of the primary commercial cornerstones in the city’s southeast corner – over the course of the early 2000s.
According to a press release issued by First American Bank’s Deborah Malmberg Smith, the sale should become official this fall.
Community Development Bank is also a community bank, headquartered in Ogema, Minnesota. The St. Michael branch will be Community Development Bank’s first location in the Twin Cities metropolitan area, giving them access to the north suburban market.
“It should be a smooth transition,” said Nick Shultz, President of the St. Michael branch, who will sign on with Community Development to serve in the same capacity. “I think, as a community bank, people know us as being a part of St. Michael and Albertville, and that shouldn’t change. And the faces people know here will remain. We don’t plan for any staff changes. Minus the name on the building and on your receipts, it will be very much business as usual.”
Community Development has been a fixture in the Detroit Lakes area. Now it makes its first foray into the metropolitan area.
“We have been looking for an opportunity in the Twin Cities for some time and this transaction contains many of the elements we desire in a transaction, including a strong staff,” said Dale Sandahl, President of Community Development Bank.
Following the sale, First American Bank will operate its Hudson location and another in Burnsville, which specializes in loan production. First American Bank President and CEO, John Malmberg, said First American Bank will focus future growth efforts in the eastern metro area of the Twin Cities.
About First American Bank, NA
First American Bank is headquartered in Hudson, WI with assets at December 31, 2016 of $176.2 million. The bank was founded 10 years ago and provides personal and commercial products and services. First American Bank is committed to providing excellent financial products and services at competitive rates—they provide a high level of personal service to all customers and sound financial advice to borrowers and depositors. Learn more at www.fa-bank.net.
About Community Development Bank
Community Development Bank’s home office operates out of Ogema, MN with a branch in Hancock, MN. These branches have combined assets at December 31, 2016 of$75.9 million. Community Development Bank prides itself in serving the communities they are a part of with exceptional customer service and full banking products and services. Community Development was acquired in 2001 and is owned by three nonprofit community development corporations. The bank’s website is www.comdevbank.com.