Pioneer Bank, which has offices in multiple Minnesota cities including St. James, has reached an agreement to acquire Farmers State Bank of Madelia, their Madelia and Lewisville locations, and their Lake Crystal loan production office.
Those locations will become Pioneer Bank offices effective Monday, and the transaction has already been approved by the Federal Reserve Bank of Minneapolis and the Minnesota Department of Commerce.
Pioneer Bank CEO David P. Krause said all Farmers State Bank employees would remain with the organization with the exception of Wayne Finnern, president and CEO of Farmers State Bank, who will retire after the acquisition is complete. Finnern has led the bank since 1983.
In addition to St. James, and the three newly acquired locations, Pioneer also has offices in Mankato, North Mankato, Mapleton, and Elmore. Financial terms of the deal were not disclosed.
Pioneer Bank's charter is over 110 years old, and they currently have assets of over $300 million. The Farmers State Bank acquisition will result in a bank with over $360 million in assets.
For the full story, see today's print edition of the St. James Plaindealer