First Dakota National Bank in Yankton, S.D., has agreed to buy Dakota State Bank in Blunt, S.D.
The $1.2 billion-asset First Dakota did not disclose financial terms of the deal, which is expected to close by early next year.
Larry Ness, First Dakota’s chairman and chief executive, will remain chief executive. Karl Adam, chief executive of the $36 million-asset Dakota State Bank, will become president of the Pierre, S.D., market.
First Dakota has 16 branches in South Dakota. Dakota State has two branches, in Blunt and Pierre.