FOR IMMEDIATE RELEASE: JANUARY 6, 2020
CONTACT INFORMATION: PETER ANDERSON, PRESIDENT (701) 454-3317
DRAYTON, ND—Federal and state banking authorities recently approved the merger of KodaBank and Citizens State Bank Midwest, with KodaBank named the surviving financial institution. The two community banks have offices located in North Dakota and Minnesota. The Federal Deposit Insurance Corp., and the North Dakota State Banking Board affirmed the merger in late December.
The newly-combined entity, which will have an estimated $300 million in total assets, will merge effective February 13, 2020. The banks will retain their existing staff and current office locations in Drayton, Minto, Cavalier, Pembina, Neche, and Walhalla, ND, and Stephen, Kennedy, and Bemidji, MN. KodaBank President Peter Anderson, who has served as president of KodaBank for 25 years, said the merger is the culmination of several years of work.
“We are extremely excited to receive final approval to merge these two great institutions,” said Anderson. “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.”
Anderson said that despite recent economic conditions, the merger is not a result of any weakness of either institution. Anderson said each bank brings capital levels well above industry requirements.
“Financially, both of these banks are strong and profitable,” he said. “We have discussed for some time the possibility of joining the two institutions. The banking landscape has changed dramatically over the last few years. As it turns out, now is a terrific time to merge the banks.”
Douglas Taylor, President of Citizens State Bank Midwest, will continue to serve as Bemidji Market President and Chief Credit Officer when the institutions combine. Taylor said that with the merger, customers will continue to enjoy the benefits of hometown banking from a staff they’ve depended on for quality service.
“We’ll remain an independent, community bank serving all of our customers’ banking needs,” said Taylor. “Our nine locations and the people in them will stay the same. Our ownership will be made up of the current owners of the respective banks. Our customers can count on the same personalized service they’ve grown to expect.”
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