Anchor Bancorp in St. Paul, Minn., has agreed to buy VFSC in Eden Prairie, Minn.
The $1.4 billion-asset Anchor said in a press release Tuesday that the deal will strengthen its presence on in the Twin Cities' southwestern suburbs, where the $340 million-asset VFSC has four branches. The price was not disclosed.
VFSC is the parent company of Voyager Bank.
"In the coming months we'll be working together with Voyager to prepare a successful closing and integration with Anchor," Carl Jones, Anchor's chief executive, said in the release. "We believe it's a great strategic opportunity to provide both Anchor and Voyager customers enhanced customer service offerings."
The deal is expected to close in the second quarter, and a full conversion should take place in June.
Anchor Bank was advised by River Branch Capital and Barack Ferrazzano Kirschbaum & Nagelberg. Voyager was advised by Oak Ridge Financial Services Group and Siegel Brill.