Peoples State Bank of Plainview, Altura State Bank announce merger
PLAINVIEW, MN — Peoples State Bank of Plainview and Altura State Bank jointly announced on February 9 the signing of a definitive merger agreement.
Peter Kramer, President and CEO of Altura State Bank, stated “Altura State Bank has served its community for over 100 years. We understand the importance of a local community bank presence and I believe this merger will help insure that the community is well served for the next 100 years. The merger will provide our customers with more products and services while maintaining the small community banking experience they have come to know and expect. I am excited to take part in the incremental benefits this partnership will generate for customers and employees.”
“We are pleased to announce the combination of these two quality community banks,” said Dick Zabel, Board Chairman of Peoples State Bank of Plainview. “Our banks are both family owned and share a similar culture and approach to community banking. Together we believe we can better serve our customers and provide a rewarding experience for our employees.”
Gary Timm, President and CEO of Peoples State Bank of Plainview agreed: “We welcome Altura State Bank employees and look forward to working with them as partners in serving the Altura customers following the merger.”
Peoples State Bank of Plainview has approximately $200 million in assets and five branches serving the Plainview, Elgin and Millville communities in Minnesota and Boyceville and Menomonie in Wisconsin.
Altura State Bank has over $50 million in assets and serves Altura and surrounding communities. The combined entity, operating as Peoples State Bank of Plainview, expects to have assets of over $250 million.
The merger is expected to be completed in the third quarter of 2016.