La Crosse, Wis.-based State Bank Financial is selling its La Crescent, Minn., branch to ESB Bank of Caledonia, Minn.
The sale is in line with State Bank's plans to reduce locations as it focuses on growing in western and central Wisconsin. The deal is still subject to regulatory approval, but it is expected to close in the first quarter of 2018.
ESB's existing La Crescent branch will be consolidated into the acquired facility following completion.
Edelman & Co. Ltd. and Winthrop & Weinstine PA acted as State Bank's financial adviser and legal counsel, respectively. Lindquist & Vennum LLP was ESB's legal counsel.
State Bank had $314.6 million in assets as of June 30; ESB had $96.5 million as of Sept. 30. State Bank and ESB are subsidiaries of First Bancorp Inc. and Eitzen Independents Inc., respectively.