Border Bancshares in Greenbush, Minn., has agreed to buy full ownership of First Advantage Bank in Coon Rapids, Minn.
Border was one of First Advantage's founding shareholders and owns 4.5% of its stock, making it one of First Advantage's larger investors. The deal would give Border, which primarily operates in the northern part of Minnesota, a presence in the suburbs of Minneapolis and St. Paul. First Advantage would retain its name and be operated as a separate unit.
The deal is expected to be completed in the first quarter.
Border, the parent company of Border State Bank, had $369 million of assets at Sept. 30. First Advantage had assets of $70 million.