Two Minnesota-basedbanks have agreed to merge.Currie State Bank ($72.4million) is acquiring First StateBank of Okabena (Inc.) ($18.8 million), with the latter's sole branchbecoming a Currie State branch post-deal.
The transaction'svalue was not disclosed. However, SNL data shows that offers for bank and thrifttargets in the Midwest between Sept. 20, 2015, and Sept. 20, 2016, averaged 132.08%of book, 135.51% of tangible book and had a median of 18.33x last-12-month earnings,on an aggregate basis.
Accordingto Currie's website,regulatory approval is pending, and the merger date has not been determined. Ifthe deal closes, Currie Bancorp. will enter Jackson County and be ranked eighthwith a 5.75% share of approximately $287.06 million in total market deposits.
CurrieState Bank is a subsidiary of CurrieBancorp. Inc.; First State Bank of Okabena is majority owned by
Fredrikson& Byron PA is acting as Currie State Bank's legal counsel in this transaction.