Minnesota-based State Bank of Delano is merging into Mitchell, S.D.-based CorTrust Bank NA, according to a regulatory filing obtained recently by S&P Global Market Intelligence.
SNL valuations for bank and thrift targets in the Midwest region between April 25, 2017, and April 25, 2018, averaged 162.86% of book and 168.57% of tangible book and had a median of 20.42x last-12-months earnings, on an aggregate basis.
Hopkins Financial Corp., majority-owner of CorTrust Bank, will enter Wright County, Minn., with one branch to be ranked eighth with a 4.44% share of approximately $1.77 billion in total market deposits.
CorTrust Bank had $806.8 million in assets as of March 31. State Bank of Delano, a unit of Delano State Agency Inc., had $90.9 million in assets as of the same date.