Clarkfield bank to acquire American branches in Olivia and Renville
CLARKFIELD -- Farmers & Merchants State Bank of Clarkfield announces it will acquire the Olivia and Renville branches of American Bank of St. Paul.
Under a purchase and assumption agreement, F&M Bank will, among other things, assume all deposits and acquire loans of the Olivia and Renville branches of American.
In addition, American Insurance Agency, LLC, a subsidiary of American, and F&M Agency, Inc., an affiliate of F&M Bank, have entered into an asset purchase agreement for the insurance operation at American's Olivia branch. The transactions have been approved by the respective boards and are subject to regulatory approval, as applicable.
Officials said F&M Bank has an excellent reputation for serving their communities and a strong commitment to agriculture and small business. F&M Bank is excited about the quality of the staff and the opportunity to expand into Renville County.
"American Bank of St. Paul has enjoyed being part of the Olivia and Renville communities,'' said John Kimball, American president and CEO.
"We take great pride in the Olivia and Renville employees and the great relationships they have built over the years. F&M Bank is very fortunate to be able to step into both communities.''
"Using our experience and knowledge to help make life better for our neighbors and friends gives us great satisfaction," said Steve Lindholm, F&M Bank's chairman and president.
"We're excited about adding the clients and employees of the Olivia and Renville branches to our circle of neighbors and friends. It's a perfect fit."
"We'd like to thank the Olivia and Renville staffs for their many years of service and success in building a great banking franchise in Renville County. We believe that F&M Bank will serve the communities well and continue the high level of client service that our clients have learned to expect," said John Kimball, American president and CEO.
Paul A. White, FIC, of Litchfield, a financial consultant with the Litchfield Associates Thrivent Financial for Lutherans, has earned membership in the prestigious 2010 Million Dollar Round Table. White qualified for this honor on his sales excellence, outstanding client service, ethical conduct and professional knowledge in 2009.
The Round Table is an independent association of leading life insurance and financial services professionals.