FARGO, N.D. - Community First Bankshares Inc. said it has agreed to buy Bank of Spooner, marking its first acquisition in Wisconsin. The terms of the deal were not disclosed.
Bank of Spooner, with $75 million of assets, is the largest bank in Washburn County, Wisc.
"Wisconsin is part of a 10-state area targeted for expansion in our strategic plan," said Donald R. Mengedoth, president and chief executive of Community First, which has $1.2 billion in assets and operates banks in North Dakota, South Dakota, Minnesota, and Colorado.
The company also announced it has completed the acquisition of Rural American Bank of Greenwald, Minn.
Subject to regulatory approval, Community First intends to merge the $17.million-asset, two-office bank with Community First State Bank of Paynesville, Minn., to create a bank with $52 million of assets.