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Alliance Financial Services Inc. of St. Paul has promoted Cindy Cole to chief information officer of its $701 million-asset unit Alliance Bank of Lake City, Minn.
January 29 -
The Federal Reserve on Tuesday announced written agreements with two banking companies.
December 13
Alliance Financial Services in Saint Paul, Minn., plans to exit the Wisconsin market.
It has agreed to sell a branch in Eau Claire, Wis., as well as $48 million in deposits and $17 million in loans to Merchants Financial Group in Winona, Minn. Alliance's other Wisconsin branch, also in Eau Claire, will close.
Financial terms of the deal, announced Tuesday, were not disclosed.
The $579 million-asset Alliance will be left with 13 offices in Minnesota on completion of the deal, which is expected in mid-February. The $1.4 billion-asset Merchants will have two branches in Wisconsin along with 19 offices in Minnesota.
"We believe this is an excellent opportunity to expand into an important market," Merchants Chief Executive Richard Mahoney said in the release. "With our organic growth and acquisitions, we expect continued growth for the foreseeable future."
