Greenbush, Minn.-based Border Bancshares Inc. on Dec. 14 completed its acquisition of First State Bank of Clearbrook, CEO Robert Hager told S&P Global Market Intelligence.

First State is expected to merge into Border State Bank in the fourth quarter of 2018, but the two will operate under separate charters prior to that integration.

First State had $49.6 million in assets as of Sept. 30; Border State had $499.9 million.