North Dakota-based First United Bank to acquire in-state peer First State Bank

Park River, North Dakota-based First Holding Co. of Park River Inc., the parent company of First United Bank, entered a stock purchase agreement to acquire Cando, North Dakota-based First State Bank of Cando.

The deal is expected to close in the first quarter, pending shareholder and regulatory approval.

The banks will continue to operate independently for a period of time before the merger, according to a company release.

First United Bank has locations in Adams, Aneta, Cando, Cavalier, Cooperstown, Crystal, Devils Lake, Fargo, Grafton, Hoople, Maddock, Michigan, Petersburg, Rugby and Sharon. First United Bank currently has a location in Cando.

With the completion of the deal, First Holding Co. of Park River Inc. will expand in Towner County, North Dakota, by three branches to be ranked first with a 67.22% share of about $114.54 million in total market deposits, according to S&P Global Market Intelligence data.

The deal announcement date is Jan. 9, Market Intelligence data showed. Market Intelligence valuations for bank and thrift targets in the Midwest region between Jan. 9, 2025, and Jan. 9, 2026, averaged 126.94% of book and 138.23% of tangible book and had a median of 14.82x last-12-months earnings, on an aggregate basis.

As of Sept. 30, 2025, First United Bank had $718.9 million in total assets, and First State Bank had $74.2 million in total assets as of Dec. 31, 2025, according to Market Intelligence data.

Following deal completion, all employees of First United Bank will be located in the current First State Bank of Cando building, the release said.

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