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North Dakota-based State Bankshares closes majority stake purchase in Discovery Benefits

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North Dakota-based State Bankshares closes majority stake purchase in Discovery Benefits

Fargo,N.D.-based State Bankshares Inc.completed the acquisition of an additional 51% of Discovery Benefits Inc. from , whoseCFO, David Breuer, confirmed that the dealclosed Jan. 26.

Thedeal resulted ina gain and reflected in Noridian Mutual's 2016 financial statements.

In2003 ,Bell State Bank & Trust,a subsidiary of State Bankshares, created Discovery Benefits as part of its of Northern CapitalTrust. The bank partnered with Noridian Mutual, in 2008, and Noridian Mutual acquiredcontrolling interest and the bank stayed as a minority owner.