State Bank of Gibbon to merge with Minnwest Bank

GIBBON – Minnwest Bank and State Bank of Gibbon announced today the signing of an agreement to merge. Completion of the transaction, which is currently expected to occur in the third quarter of 2014, is contingent upon regulatory approval.

State Bank of Gibbon had consolidated assets of $26.5 million and $24.2 million in deposits, as of December 31, 2013.

John Tester, president of State Bank of Gibbon, said, “The Tester family is honored to have served the citizens and community of Gibbon and the surrounding area for four generations, beginning with the founding of the bank by Robert Tester in 1894. I am grateful to our loyal customers and friends, and wish to extend my heartfelt appreciation for their many years with us. The Tester family is excited about the newly merged bank and the role it will play in Gibbon’s future.”

Douglas Karsky, president of Minnwest Bank, said, “Minnwest Bank is dedicated to helping build the Gibbon community and we look forward to serving our new customers with more financial products and services including Online Banking, Mobile Banking, Online Bill Pay, mortgage and other loans. We strive to offer personal one-on-one service along with the expertise and convenient technology customers are looking for.”

“Minnwest Bank and State Bank of Gibbon have similar community banking models that will help ensure a smooth transition. We will strive to make the merger as uncomplicated and transparent to customers as possible,” said Karsky.

Minnwest Bank is a family owned bank with 24 branches in 19 communities throughout Minnesota and Sioux Falls, SD with $1.5 billion in assets. Minnwest Bank is a preferred SBA lender and participates in State and Federal loan programs such as SBA, FSA, Rural Finance Authority and South Dakota Dept. of Agriculture. Minnwest Bank is currently Minnesota’s second largest agricultural bank in farm lending. Visit Minnwest Bank at: www.minnwestbank.com.

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