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Financial Services of Lowry seeking to acquire First National Bank of Osakis

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Financial Services of Lowry seeking to acquire First National Bank of Osakis

Lowry, Minn.-based Financial Services of Lowry Inc. is seeking to acquire all of the voting shares of Osakis, Minn.-based First National Bank of Osakis, according to a notice posted in the Federal Register on May 28.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between May 21, 2018, and May 21, 2019, averaged 148.71% of book, 152.08% of tangible book and had a median of 19.56x last-12-months earnings, on an aggregate basis.

Financial Services of Lowry will enter Douglas County, Minn., with one branch to be ranked eight with a 4.82% share of approximately $1.1 billion in total market deposits, according to S&P Global Market Intelligence data.

As of March 31, Lowry State Bank, a unit of Financial Services of Lowry, had $51.7 million in assets, S&P Global Market Intelligence data shows. First National Bank of Osakis, a unit of Osakis Bancshares Inc., had $67.6 million in assets as of the same date.

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