MINNEAPOLIS, June 30, 2020 /PRNewswire/ -- Park Financial Group, Inc., a Minneapolis-based holding company, announced today it has entered into a definitive agreement to acquire Mesaba Bancshares, Inc. (Mesaba) through the purchase of 100% of Mesaba's shareholder shares. Mesaba's banks, American Bank of the North, one of only three Minnesota Banks on Forbes' "Best Banks in Each State" list for 2020, and The Lake Bank, will join forces with Park State Bank, S&P Global Intelligence's top performing community bank in Minnesota for three years running. Once closed, the combined entity will have over 20 locations and hold assets approaching $1 billion.
"Our focus and commitment is making the greatest positive impact on the communities we serve," said David Saber, CEO of Park Financial Group. "We are extremely proud to now say our oldest branch opened in 1889, and that all of our branch locations will not only benefit from the institutional knowledge, but our customers will have access to increased lending capacity at this critical time."
Park Financial Group made its first investment in Mesaba in 2018, and now finalized an agreement to increase its ownership stake in order to efficiently power the growth and operational strength across the three institutions. The three banks will initially continue to operate independently, though will work to streamline policies, procedures, and operations, once closed. The acquisition, which remains subject to regulatory approval and the satisfaction of customary closing conditions, is anticipated to close in the third quarter of 2020.
"We look forward to enhancing the strength of our family of banks as we clearly believe the whole is greater than the sum of its parts," Saber added. "Our communities will benefit from our increased size, strength, and presence; our employees will continue to be a part of a growing, but nimble organization that values collaboration and creativity; and we look forward to a bright future."
About Park Financial Group, Inc.
Park Financial Group, Inc. is a Minneapolis-based holding company whose subsidiary banks proudly offer customized banking solutions and a client-centric approach to delivering strategic financial solutions. Park Financial Group was ranked one of the top 10 fastest growing companies in Minnesota in 2019 by the Minneapolis/St. Paul Business Journal and its wholly-owned subsidiary, Park State Bank, was ranked number one amount top-performing banks nationwide under $3 billion by S&P Global Market Intelligence in 2018 and ranked the best-performing Minnesota community bank by S&P Global Market Intelligence in 2017, 2018 and 2019 and top 50 nationally.