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Minnwest Bank completes purchase of First State Bank, Peoples State Bank

Redwood Falls, Minn.-based Minnwest Bank completed its purchase of Wilmot, S.D.-based First State Bank and Summit, S.D.-based Peoples State Bank from Brandon, S.D.-based Northeast Bancorp Inc.

The acquisitions took effect Nov. 16, according to the Minnesota Department of Commerce's division of financial institutions.

Minnwest Bank is a unit of Minnetonka, Minn.-based Minnwest Corp.