Fargo, N.D.-based State Bankshares Inc., the parent company of Bell State Bank & Trust, has reached a deal to buy The Business Bank of Minnetonka and its Prime Mortgage division, the Twin Cities Business reports. No layoffs are expected as a result of the deal, which is expected to close during the first quarter.
“We believe the acquisition of the Business Bank and its mortgage lending division, Prime Mortgage, combined with our current Twin Cities operations, will create an even more powerful banking and mortgage presence in the Twin Cities and greater Minnesota, Michael Solberg, Bell State Bank & Trust president, said in a news release. "Our combined capabilities will increase our ability to serve the needs of Minnesota consumers, businesses, realtors and builders with a wide array of banking and mortgage options.”
The Pioneer Press notes Bell State Bank & Trust, formerly called State Bank & Trust, first entered the Twin Cities market in 2011 after it acquired Minneapolis-based Bell Mortgage in 2011. It opened its first metro bank branch in Golden Valley last April.