First State Murdock to merge into Citizens Alliance; new building planned
MURDOCK -- The planned merger of the First State Bank of Murdock will lead to the construction of a new facility in Murdock, and assurances of continued operations in the Swift County community.
Philip R. Forstrom, president of Forstrom Bancorporation Inc. in Clara City announced Wednesday the corporation entered into a purchase agreement Sept. 14 to acquire 100 percent of the stock of Murdock Rancor Inc., the parent company of First State Bank of Murdock.
The transaction is scheduled to close in December upon receipt of approval from bank regulators.
Sometime after the closing of the purchase agreement between Forstrom Bancorporation Inc. and Murdock Rancor Inc., First State Bank of Murdock will merge with
Citizens Alliance Bank, a subsidiary of Forstrom Bancorporation Inc.
Jeff Berghuis, president of Citizens Alliance Bank, said the Murdock facility will remain open after the merger and that a new facility will be built in Murdock next year.
All current employees at the Murdock bank will retain their jobs following the merger.