Park Financial in Minnesota to buy Mesaba Bancshares
Park Financial Group in Minneapolis has agreed to buy Mesaba Bancshares in Grand Rapids, Minn.
The $820 million-asset Park did not disclose the price it will pay for the parent of the $519 million-asset American Bank of the North and the $135 million-asset Lake Bank.
The deal is expected to close in the third quarter.
“Our focus and commitment is making the greatest positive impact on the communities we serve,” David Saber, Park’s CEO, said in the release. “We look forward to enhancing the strength of our family of banks as we clearly believe the whole is greater than the sum of its parts.”
Park made an initial investment in Mesaba in 2018.