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Regulators approve KodaBank/Citizens State Bank Midwest merger


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Regulators approve KodaBank/Citizens State Bank Midwest merger

Drayton, N.D.-based KodaBank said the Federal Deposit Insurance Corp. and the North Dakota State Banking Board in late December 2019 affirmed its merger with Cavalier, N.D.-based Citizens State Bank Midwest, with KodaBank as the surviving institution.

The newly combined entity will have an estimated $300 million in total assets, according to a news release. The merger will be effective Feb. 13.

The banks will retain their existing staff and current office locations in Drayton, Minto, Cavalier, Pembina, Neche and Walhalla, N.D., and Stephen, Kennedy and Bemidji, Minn.

Citizens State Bank Midwest President Douglas Taylor will continue as Bemidji market president and chief credit officer after the merger.

KodaBank and Citizens State Bank Midwest are units of Koda Bancor Inc.