MBT Bank is expanding with the acquisition of Farmers and Merchants Bank of Blooming Prairie and Citizens State Bank of Hayfield. the acquisition now gives MBT a stronger footprint in the region and substantially increases its client base.
MBT President and CEO Dennis Busta explained how the acquisitions came about.
Busta explained that MBT is very excited to bring both of these financial institutions into the MBT family. Both banks are owned by the same ownership group and were selling them together which made the process easier. From that, Busta expects the transition into MBT branches to be very smooth.
The two acquired banks have assets totaling $240 million bringing MBT Banks total assets to $680 million. Because of federal regulations, the transfer of assets will need approval.
Busta is hoping to have the acquisitions complete by late September or early October.
As far as the banking services are concerned, Busta assures MBT clients that nothing will change except for regional availability.