MINNEAPOLIS -- Marquette Bancshares said its Minnesota bank plans to open a branch in south Minneapolis, marking a return to an area served by the company before it sold the majority of its Minnesota assets to First Bank System Inc. in December 1992.
Marquette, which is controlled by the Carl Pohlad family, said it filed an application with the Minnesota Department of Commerce, and hopes to open the office within four months, in a building formerly owned by First Bank.
At $1.1 billion of assets, Marquette Bancshares is about one-third the size it was before the sale of its Minneapolis bank for about $200 million. Mr. Pohlad said he was intent on expanding again in Minneapolis.
Mr. Pohlad and his family own 37 banks in 10 states, with combined assets of more than $3.5 billion, including the Marquette Banks that have 33 offices in Minnesota. A 34th office is slated to open this month in Otsego.