KleinBank in Chaska, Minn., has agreed to buy Prior Lake State Bank in Minnesota.
The $1.6 billion-asset KleinBank said it expects to buy the $207 million-asset Prior Lake by the end of this year. Financial terms were not disclosed.
KleinBank plans to evaluate all 35 Prior Lake employees, though it expects to keep as many as possible, says Barb Croxen, KleinBank's vice president of marketing.
"We feel fortunate to have been able to align with a bank that is family owned like we are and that shares our commitment to community banking," Bob Barsness, Prior Lake's chief executive, said in a press release.