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MidCountry Financial to sell Minneapolis-based banking unit

Macon, Ga.-based MidCountry Financial Corp. agreed to sell its banking subsidiary, Minneapolis-based MidCountry Bank, to MidCountry Acquisition Corp., a corporation organized by Minnesota investors.

As of March 31, MidCountry Bank had approximately $775.1 million in assets. It operates 15 full-service branches in the central Minnesota region. The bank's subsidiaries and divisions include MidCountry Investments, MidCountry Insurance and MidCountry Mortgage. The bank also operates a consumer banking division serving military customers under the name Pioneer Services.

SNL valuations for bank and thrift targets in the Midwest region between June 13, 2017, and June 13, 2018, averaged 159.86% of book, 168.03% of tangible book and had a median of 20.42x last-12-months earnings, on an aggregate basis.

SNL data shows that MidCountry Bank operates one branch in Nevada ranked No. 39 with a 0.00% share of approximately $231.19 billion in total market deposits and operates 14 branches in Minnesota ranked No. 32 with a 0.23% share of approximately $234.18 billion in total market deposits.

Following completion of the deal, MidCountry Bank will operate on a stand-alone basis, and its name, management team, existing operations and systems will be unchanged.

The deal is expected to close in the fourth quarter, subject to regulatory approval.

Alston & Bird LLP provided legal counsel to MidCountry Financial, while RBC Capital Markets acted as exclusive financial adviser to the savings and loan holding company. Meanwhile, Ballard Spahr LLP provided legal services to MidCountry Acquisition.

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