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

Brookings, S.D.-based First Bank & Trust has acquired Duke Financial Group Inc.'s Peoples Bank of Commerce and State Bank of New Prague.

First Bank & Trust, a subsidiary of Fishback Financial Corp., has about $1.38 billion in assets, according to a press release from Oak Ridge Financial, which acted as exclusive financial adviser and issued a fairness opinion to Duke Financial's board.

Cambridge, Minn.-based Peoples Bank of Commerce has assets of roughly $292 million, and New Prague, Minn.-based State Bank has about $117 million in assets.