First National Financial Services Inc. of Elk River, Minn., has agreed to buy the $68 million-asset Maple Lake Bancorp. of Maple Lake, Minn.
Processing Content
The acquisition would significantly boost First National's market share in Wright County, northwest of Minneapolis.
The $350 million-asset First National has one branch in Wright County and the No. 23 deposit-market share there, according to the Federal Deposit Insurance Corp. data. Maple Lake's subsidiary, the 99-year-old Security State Bank of Maple Lake, is No. 9.
The deal was announced late Wednesday and is expected to close by the middle of 2007. The price was not disclosed.
