TS Banking Group in Treynor, Iowa, has agreed to buy Tioga Bank Holding Co. in Tioga, N.D.
TS Banking is a joint venture between the $290 million-asset Treynor Bancshares and TS Contrarian Bancshares, a newly formed bank holding. The joint venture was formed to buy community banks in the upper Midwest. The companies did not disclose the price of the deal.
Tioga Bank Holding's $148 million-asset Bank of Tioga is expected to keep its name, and David Grubb will remain the bank's president. There are no plans to lay off employees, Joshua Guttau, TS Banking's chief executive and chief financial officer, said in a press release, though he added that strategic changes will take place.
"The bank has been well-run with good credit quality, supportive of the community, and has a team of experienced employees, which reflects a positive, healthy company culture," Guttau said. "There may be a need for more employees in the future as the bank continues to grow and expand their services and product offerings."
Gerrish McCreary Smith advised Tioga Bank Holding. Dickinson Mackaman Tyley & Hagen advised TS Contrarian Bancshares.