American Bank & Trust of Wessington Springs, S.D., has agreed to buy Mansfield State Bank.
Mansfield State had one branch and $13 million in assets at June 30. The $385 million-asset American Bank should complete the acquisition in early December; the bank's did not disclose a price.
Earlier this year, American Bank's holding company, Leackco Bank Holding, bought American State Bank in Pierre, S.D. American State has been operating as a separate institution. Leackco will have about $558 million of assets when the Mansfield deal closes.
Mansfield is controlled by the family of John Forsyth, who is nearing retirement age and was looking for a buyer, Schneider says. American Bank will likely take a break from acquisitions after compling the Mansfield deal, he says.
Schneider says the plan is to close the Mansfield branch after moving its assets and deposits into a nearby American Bank branch.
