New York-based GNI LLC applied with the Federal Reserve Bank of Minneapolis to become a bank holding company by acquiring 100% of Hamilton, N.D.-based Wall Street Holding Co.
With the acquisition, GNI will acquire control of Bank of Hamilton.
Terms of the deal were not disclosed in the Federal Reserve release.
SNL valuations for bank and thrift targets in the Midwest region between Sept. 4, 2017, and Sept. 4, 2018, averaged 160.12% of book, 166.83% of tangible book and had a median of 20.42x last-12-months earnings, on an aggregate basis.
Wall Street Holding operates one branch in Pembina County, N.D., ranked fifth with a 4.95% share of approximately $353.80 million in total market deposits. Bank of Hamilton had approximately $20.9 million in total assets as of June 30, according to S&P Global Market Intelligence data.
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