Hayward-based Peoples Bank Midwest, which has a branch on Eau Claire’s south side, will be acquired by a Minnesota-based financial institution under a deal set to close by the end of this year.
Frandsen Financial Corp., the Arden Hills, Minn.-based holding company of Frandsen Bank & Trust, announced the signing of a purchase agreement on Monday via a news release.
“Frandsen Financial Corporation and Peoples Bank Midwest share very similar ‘community-first’ philosophies and we look forward to serving the Peoples Bank Midwest customers and supporting the communities of Hayward, Eau Claire and Vadnais Heights (Minn.) for years to come,” Frandsen CEO Chuck Mausbach said in the release.
Michael J. O’Meara, Peoples National Bank majority owner and board chairman, said customers won’t notice many changes, if any, at the bank following the change in ownership.
“We were very intentional about who we sold the bank to,” O’Meara said in the news release.
Staff at Peoples National Bank’s three branches will remain the same following the merger, he said, including the leadership of CEO Daniel Riebe.
Terms of the merger, which is still pending regulatory approval, were not included in the news release.
Frandsen currently has 35 bank offices, mostly in Minnesota, but one each in Wisconsin and North Dakota. Frandsen has $1.7 billion in assets, and its wealth management and trust division manages more than $350 million.
Peoples Bank Midwest has more than $360 million in assets. Its Eau Claire office is located at 4251 Southtowne Drive.