Premier Bank Minnesota is acquiring the assets and liabilities of a Frandsen Bank & Trust branch.
The branch is at 1309 Vermillion Street, in Hastings, Minn., according to a filing recently acquired by S&P Global Market Intelligence. If the deal closes, the branch will be shuttered and consolidated with Premier's branch at 101 East 10th Street, also in Hastings.
Premier expects to service all the acquired loans and deposit accounts.
Premier and Frandsen executed their purchase-and-assumption agreement on Nov. 20, 2017. Premier is requesting that approval by the Federal Deposit Insurance Corp. be granted on or before May 4. Either party may terminate the deal if it does not close by May 20.
Hastings, Minn.-based Premier had $207.3 million in assets at the end of 2017. Frandsen of Lonsdale, Minn., had $1.73 billion.