Wilcox Bancshares in Grand Rapids, Minn., has purchased Crow River State Bank in Delano, Minn.
The purchase price was not announced. The acquisition closed on Friday, according to Noah Wilcox, the company's chairman.
The announcement marks the first acquisition for Wilcox, the parent company of the 100-year-old Grand Rapids State Bank. It also provides the $225 million-asset Grand Rapids, which has two branches in northern Minnesota, with its first locations in the Twin Cities metropolitan area.
The $84 million-asset Crow River operated three offices in the western Minneapolis suburbs.
Under the agreement, all Crow River branches will be rebranded as Minnesota Lakes Bank. Additionally, Crow River's president, Dwight Bacon, retired from the bank Friday, Wilcox said.
The new brand is more geographically neutral, giving the company some flexibility for future expansion, Wilcox said. "Future growth activity, whether branching or acquisition, more than likely would take place under the Minnesota Lakes charter," he said.