Choice Financial Holdings in Fargo, N.D., has agreed to buy Venture Bank in Bloomington, Minn.
The $1.3 billion-asset Choice said in a press release that its expects to receive regulatory approval to buy the $730 million-asset Venture in the third quarter. Choice did not disclose the price it will pay.
Choice said it had raised $100 million to help finance the transaction.
"We are very excited about this new partnership with Venture Bank and the opportunity to expand into a new market," Brian Johnson, Choice's CEO, said in the release. "As we sought opportunities to diversify, finding a bank that shares a similar vision and values was critical and we feel that Venture Bank is a great fit."
The transaction represents and expansion into the Minneapolis area. Choice, which started in 2001 when four community banks were merged, has completed a number of acquisitions in North Dakota and Minnesota.
Venture, which has four branches, largely focuses on business banking.
"Our mission has always been to help local businesses succeed," Michael Zink, Venture's president, said in the release.
"Through Choice Financial, we will be able to provide even more services to help our business clients reach their goals," Zenk added. "We began this process with a goal of choosing a bank partner that aligns with our culture and our commitment to delivering value to our clients that goes beyond typical business banking."
FinPro Capital Advisors and Reinhart Boerner Van Deuren advised Choice. Oak Ridge Financial Services and Winthrop & Weinstine advised Venture Bank.