Coon Rapids, Minn.-based Benic Holdings Inc. applied with the Federal Reserve Bank of Minneapolis to become a bank holding company by acquiring 100% of Virginia, Minn.-based KES Bancshares Inc.
Through the deal, Benic Holdings will also acquire control of Northern State Bank of Virginia, a subsidiary of KES Bancshares.
KES Bancshares operates two branches in St. Louis County, Minn., and is ranked No. 13 with a 1.67% share of about $3.45 billion in total market deposits.
