Frandsen Financial in Arden Hills, Minn., has agreed to buy Provincial Corp. in Lakeville, Minn.
The companies did not disclose the price of the transaction, which is expected to close in the first quarter.
The $1.5 billion-asset Frandsen has 34 branches in Minnesota, North Dakota and Wisconsin. Frandsen's last acquisition was in 2013, when it bought Clinton State Bank in Minnesota, though the company bought 11 banks from 2005 to 2013.
The $82 million-asset Provincial has two branches in the Minnesota towns of Hastings and Rosemount.
Lindquist & Vennum was legal counsel to Frandsen. Oak Ridge Financial and Siegel Brill advised Provincial.