Lake Central Financial, Inc. is excited to announce the acquisition of the State Bank of Danvers in Benson Minnesota. Bryan Bruns, President and CEO of Lake Central, states “We are excited to continue to grow and serve another local community.”
He continues, “Our community banking values and beliefs align nicely, making it a great addition to the Lake Central family! Still operating as two independent banks, but excited to learn from one another, as well as continue to expand our products and services to best serve our customers.”
To learn more, check out the official press release below.
Lake Central Financial, Inc. has signed an agreement to acquire the State Bank of Danvers, located in Benson, MN
ANNANDALE, MN: Bryan Bruns, President and CEO of Lake Central Financial, Inc. (the parent company of Lake Central Bank) has announced that a purchase agreement has been signed with West 12 Bancorporation, Inc. (the parent company of the State Bank of Danvers) to purchase the State Bank of Danvers. Applications have been filed, and pending approval of the Federal Reserve Bank and the Minnesota Department of Commerce, the transaction is expected to close before the end of 2023.
The State Bank of Danvers started in 1902 and in 1904 the Connolly family acquired a controlling interest. For most of the bank’s 120 history, four generations of the Connolly family have owned and operated the bank. Today, the State Bank of Danvers has approximately $65 million in banking assets and operates out of one location located in Benson MN.
In making the announcement, Bruns, states, “Lake Central and the State Bank of Danvers share similar community values, and we look forward to supporting the Benson, Danvers, and their surrounding communities for years to come.” Bruns added, “We are grateful for the confidence the Connolly family has placed in Lake Central and are excited to add additional banking, insurance and wealth management services to enhance their customers’ experiences once the transaction is finalized.”
Brady Olson, President and CEO of the State Bank of Danvers stated, “As we looked for a new owner, we were intentional about who we were seeking. While we felt the bank should be part of a bigger organization, to allow for continued growth in products and services, we also wanted to ensure our loyal staff would have the opportunity to continue. Lake Central’s added operational support will allow our existing staff to focus more on the customer relationships we cherish so much.”
Olson, who will continue to oversee the State Bank of Danvers, added, “We look forward to partnering with Lake Central and are excited for the opportunities that lie ahead.” He also noted, “State Bank of Danvers customers should experience little, if any, immediate difference once the ownership changes. They will continue to receive superior customer service from the staff they already know but will then begin to see added products and services as this transition evolves.”
About Lake Central Financial, Inc. The State Bank of Annandale was founded in 1893, before it merged with Citizens State Bank in 1933 to form Annandale State Bank. In 2010 Lake Central Financial, Inc. was formed as the parent company of Annandale State Bank to allow for an expansion of services. In 2017 Annandale State Bank changed its name to Lake Central Bank to prepare for future expansion throughout central MN. Lake Central currently has $210 million in banking assets and offers full-service wealth management and insurance services.