MINNEAPOLIS - First Bank System of Minneapolis said it signed an agreement to purchase United Bank of Bismarck, N.D., and consolidate it into First Bank of North Dakota.
Terms of the deal were not disclosed. It is expected to close in the second quarter of 1994, pending necessary approvals.
United Bank has four banking locations, $123 million of assets, and $167 million of deposits, which would bring First Bank to $275 million of deposits.
John F. Grundhofer, chairman, president, and chief executive officer of $26 billion-asset First Bank System, said, "United is a high-performing bank with a good small-business focus that fits in well with our existing North Dakota franchise."
