As of April 1 the Business Bank will become part of Bell State Bank & Trust, while Prime Mortgage will be combined with the bank’s mortgage division.
The merger further expands the footprint of Bell, one of the largest independently owned banks in Minnesota, North Dakota and South Dakota with more than $2.6 billion in assets.
The new partnership is expected to create “a strong banking and mortgage presence in the Twin Cities and greater Minnesota,” said Bell State Bank & Trust president Michael Solberg.
The transition will be completed this year while both companies continue operations in their current locations.
Similarities in company culture and philosophy will help make the transition easy for our customers and promote growth in multiple areas of the business including small business lending, said Business Bank CEO Brad Krohn.
The Business Bank adds to the Bell State Bank & Trust book of business $200 million in assets.