Kensington Bank Announces the Acquisition of North American State Bank
Kensington Bank has completed the purchase of North American State Bank on November 30, 2018.
Dan Robertson, President & CEO of Kensington Bank commented, “We are excited the acquisition is complete and we welcome the North American State Bank customers and employees to Kensington Bank! We are committed the making the transition as smooth and easy as possible. As part of this acquisition, we also purchased the North American Insurance Agency. Their names have officially changed to Kensington Bank and Kensington Insurance Agency. We look forward to a bright future together!”
Kensington Bank is privately owned. Prior to the acquisition of North American State Bank, Kensington had assets of approximately $170 million and four offices in Kensington, Cokato, Herman and St. Cloud. North American State Bank was also a privately owned bank with assets of approximately $100 million and three offices in Willmar, Belgrade and Elrosa. This acquisition is Kensington Bank’s third in the past 6 years, with the purchase of State Bank of Cokato in Cokato in 2012 followed by the purchase of First National Bank in Herman in 2014.
Justin Schnichels, former President & CEO of North American State Bank shared his thoughts on the acquisition, “We are confident that our bank and insurance customers, our employees and communities will be well-served by Kensington Bank. They are a strong, successful community bank with a clear vision for the future. To our customers and staff, we say ‘Thank You’ – we are truly grateful for the strong relationships that we have built. We look forward to continuing these relationships as Kensington Bank.”
Kensington Bank invites customers and the community to stop in during their Holiday Open Houses: Friday, Dec 7 in Willmar, Thursday, Dec 13 in Elrosa and Friday, Dec 14 in Belgrade. Open Houses will also be held in Kensington, Cokato, St. Cloud and Herman with details available at each location and on the website www.kensington.bank.
Terms of the definitive agreement were not disclosed.
Equal Housing Lender.