First State, Peoples State banks sign agreement to merge with Minnwest

Minnwest Bank and First State Bank and Peoples State Bank of South Dakota recently announced the signing of an agreement to merge. Completion of the transaction, which is currently expected to occur in the fourth quarter of 2018, is contingent upon regulatory approval.

First State Bank and Peoples State Bank are both owned by Northeast Bancorp, Inc. As of March 31, 2018 the banks have combined assets of $121.2 million and $103.7 million in deposits.

“Minnwest Bank is dedicated to the growth and prosperity of agricultural communities, and with this merger, we are confident that we can provide a strong financial network for the bank’s customers and their communities,” said Douglas Karsky, president of Minnwest Bank. “Through this process, our ultimate goal is to make this transition as smooth and as transparent as possible to customers.”

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