Arden Hills company buys Bird Island bank
BIRD ISLAND -- Island Financial Corporation of Bird Island announces an agreement has been signed for Island Financial and its sole operating subsidiary, the State Bank of Bird Island, to be purchased by Frandsen Financial Corporation of Arden Hills.
State Bank of Bird Island has assets of $40 million. The sale is expected to be completed by the end of December, following regulatory approval.
"By becoming a part of the Frandsen Financial organization, State Bank will have access to tremendous banking products and services, along with technological resources, that will help us enhance the financial well-being of our retail, business, and agricultural customers,'' said John Collins, State Bank of Bird Island chief executive, in a news release.
"We see the Frandsen purchase as a way to make a great bank even better for our customers, our employees and our community," Collins said.
He said current officers and staff will continue to serve customers, who are unlikely to notice much change in their daily contact with bank employees.
Frandsen Financial Corporation operates more than 30 full-service community bank offices in Minnesota, Wisconsin and North Dakota and has assets totaling more than $1.3 billion.
Frandsen banking offices near Bird Island are located in Hector and Fairfax.