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Waseca Bancshares seeks to merge with Freedom Bancorp.

In Minnesota, Waseca-based Waseca Bancshares Inc. is seeking to merge with Lindstrom-based Freedom Bancorp. Inc., and thereby indirectly acquire its unit, Lake Area Bank, according to a Federal Reserve release.

SNL valuations for bank and thrift targets in the Midwest region between May 27, 2016, and May 27, 2017, averaged 143.79% of book and 146.79% of tangible book and had a median of 20.24x last-12-months earnings, on an aggregate basis.

Waseca Bancshares is the parent of Roundbank, which had assets of $300.4 million as of March 31, per SNL data. Lake Area Bank had $308.6 million in assets as of the same date.

Based on data compiled by SNL, Waseca Bancshares Inc. will enter Washington County, Minn., with three branches to be ranked No. 13 with a 1.63% share of approximately $3.74 billion in total market deposits, will enter Ramsey County, Minn., with one branch to be ranked No. 19 with a 0.13% share of approximately $47.30 billion in total market deposits and will enter Chisago County, Minn., with one branch to be ranked second with a 18.91% share of approximately $555.26 million in total market deposits.

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