Frandsen Financial Corp. said it is buying Peoples Bank Midwest of Hayward, Wis., in a transaction expected to close by the end of the year, pending regulatory approval.
Peoples Bank has assets of more than $360 million and equity capital of about $75 million. The bank also operates offices in Eau Claire, Wis., and Vadnais Heights.
The deal would push Arden Hills-based Frandsen Financial, parent of Frandsen Bank & Trust, over $2 billion in assets, making it Minnesota's second-largest privately held banking company behind St. Paul-based Bremer Financial.
Chairman Michael O'Meara of Peoples Bank, who bought the bank in 1991, said: "Peoples Bank customers won't notice many differences, if any, once the ownership changes hands. We were very intentional about who we sold the bank to."