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Brookings, SD-based First Bank & Trust to acquire 2 Minn. banks


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Brookings, SD-based First Bank & Trust to acquire 2 Minn. banks

Brookings, S.D.-based First Bank & Trust is acquiring Duke Financial Group Inc.'s Peoples Bank of Commerce and State Bank of New Prague, Peoples Bank of Commerce announced on its website.

The financial terms of the deal were not disclosed.

SNL valuations for bank and thrift targets in the Midwest region between Aug. 3, 2016, and Aug. 3, 2017, averaged 149.32% of book and 154.19% of tangible book and had a median of 19.77x last-12-month earnings, on an aggregate basis.

The transaction, which is subject to regulatory and Duke Financial Group shareholder approvals, is expected to close in late 2017.

SNL data shows that as of June 30, First Bank & Trust, a unit of Fishback Financial Corp., had $1.38 billion in assets; Cambridge, Minn.-based Peoples Bank of Commerce had assets of $292.1 million and New Prague, Minn.-based State Bank of New Prague had $117.4 million in assets as of the same date.

According to SNL data, Fishback Financial Corp. will expand in Minnesota by six branches to be ranked No. 27 with a 0.23% share of approximately $222.0 billion in total market deposits.

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