BEMIDJI -- Two regional banks, with one location in Bemidji, are about a month away from merging.
In a press release, KodaBank and Citizens State Bank Midwest announced that federal and state banking authorities had approved their proposed merger. With locations in Minnesota and North Dakota, the two banks together have an estimated $300 million in assets. The merge will be effective Feb. 13, 2020.
In Minnesota, along with Bemidji, the two banks have locations in Kennedy and Stephen. In North Dakota, locations are in Cavalier, Drayton, Minto, Neche, Pembina and Walhalla.
"We are extremely excited to receive final approval to merge these two great institutions," said Peter Anderson, KodaBank president. "While each bank has been run separately, we have been working toward joining forces to create a more efficient operation so that we could better serve our customers and the communities in which we live."
In the release, Anderson said despite recent economic conditions, the merger is not a result of any weakness of either institution.
"Financially, both of these banks are strong and profitable," Anderson said. "We have discussed for some time the possibility of joining the two institutions."
Douglas Taylor, the President of Citizens State Bank Midwest, will continue to serve as Chief Credit Officer after the merger.
"We'll remain an independent, community bank serving all of our customers' banking needs," Taylor said. "Our nine location and the people in them will stay the same, as well as our ownership. Our customers can count on the same personalized service they've grown to expect."