Mitchell, S.D.-based CorTrust Bank NA is buying Minnetonka, Minn.-based First Minnesota Bank, the (Sioux Falls, S.D.) Argus Leader reported.
The terms of the transaction, which is expected to close by Sept. 30, were not disclosed in the report.
CorTrust Bank, a unit of Hopkins Financial Corp., had $886.2 million in assets as of March 31, S&P Global Market Intelligence data shows. First Minnesota Bank, a unit of McLeod Bancshares Inc., had assets of $347.3 million as of the same date.
S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between May 29, 2018, and May 29, 2019, averaged 150.80% of book and 154.24% of tangible book and had a median of 19.56x last-12-months earnings, on an aggregate basis.