In Minnesota, Minnwest Bank of Redwood Falls is acquiring Security State Bank of Lewiston.
The Minnwest Corp. unit filed its merger application with the Federal Deposit Insurance Corp. on May 18, according to a filing recently obtained by S&P Global Market Intelligence.
SNL valuations for bank and thrift targets in the Midwest region between May 18, 2017, and May 18, 2018, averaged 161.51% of book, 166.71% of tangible book and had a median of 22.94x last-12-months earnings, on an aggregate basis.
Minnwest will enter Fillmore County, Minn., with three branches to be ranked seventh with a share of 6.34% of approximately $508.7 million in total market deposits. It will also enter Winona County, Minn., with one branch to be ranked sixth with a share of 2.70% of approximately $1.06 billion in total market deposits.
As of March 31, Minnwest Bank had assets of $1.69 billion, while Security State Bank had assets of $68.3 million.
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