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Citizens Alliance Bank completes purchase of fellow Minnesota bank

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Citizens Alliance Bank completes purchase of fellow Minnesota bank

Clara City, Minn.-based Citizens Alliance Bank closed its acquisition of Sacred Heart, Minn.-based Farmers and Merchants State Bank of Sacred Heart on Aug. 16, according to Citizens Alliance's website.

The Forstrom Bancorp. Inc. unit said it will have more than $832 million of assets due to the transaction.

The Minnesota Department of Commerce gave its regulatory approval on July 30.