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2 Midwestern banks strike branch deal

Community Development Bank FSB is buying the St. Michael, Minn., branch of First American Bank NA, North Wright County Today reported.

St. Michael branch president Nick Shultz, who will be with Community Development to assume the same role, said no staff changes are planned.

According to SNL data, Ogema, Minn.-based Community Development Bank had assets of $76.6 million as of June 30. It is a unit of CDC Bancshares Inc., which is majority-owned by Midwest Minnesota Community Development Corp. Hudson, Wis.-based First American Bank, a unit of First American Investment Inc., had $185.0 million in assets as of June 30.

The transaction is expected to close Oct. 20, The Stevens County Times reported.