Merchants Bank, one of the largest financial institutions Minnesota, announced plans Monday to acquire The First National Bank of Northfield.

According to Greg Evans, president and CEO of Merchants Bank, the two banks reached an agreement to acquire the Northfield-based institution for an undisclosed sum Friday.

Under terms of the acquisition, Merchants Financial Group will purchase all outstanding stock for First National Bank.

Evans said the acquisition is expected to be completed by the end of 2019, pending regulatory approval.

Both First National Bank and Merchants Bank have rich histories of service in their respective communities in southeastern Minnesota. First National was chartered in Northfield in 1873, and Merchants’ history began in Winona in 1875.

Merchants Bank is a full-service community bank with 21 branches in southeastern Minnesota and west-central Wisconsin. The bank has more than $1.76 billion in assets.

Read more in the Winona Daily News, and the Monitor Daily.