Frandsen Financial in Arden Hills, Minn., has agreed to buy Hayward Bancshares in Wisconsin.
The $1.7 billion-asset Frandsen expects to complete the deal in the fourth quarter. It did not disclose the price it will pay for the $362 million-asset parent of Peoples Bank Midwest.
Peoples Bank Midwest has $290 million in loans and $283 million in deposits.
The banks “share very similar community-first philosophies,” Chuck Mausbach, Frandsen’s CEO, said in a press release. “We look forward to serving the customers and supporting the communities of Hayward, Eau Claire, and Vadnais Heights.”
Daniel Riebe, Peoples Bank Midwest’s CEO, will continue to oversee his bank’s three branches after the deal closes.
The acquisition is the fifth for Frandsen since 2010.
Hayward was advised by Hovde Group.
