Security Bank and Trust Co. announced that it has entered into an agreement to acquire the State Bank of Hamburg. The deal is expected to close in the third quarter of 2019.
“We are excited to provide our financial services to the Hamburg community and look forward to having the Hamburg employees join our team” said Gale Hoese, CEO of Security Bank & Trust Co. “We have a long history in the area and the addition of Hamburg grows our branch network to 13 branches in McLeod, Carver, and Sibley counties. Our family is appreciative of our continued ability to be growing, together with our communities and our employees.”
Security Bank & Trust Co. had assets of $514 million, loans of $322 million and deposits of $464 million as of March 31, 2019. In addition to its main offices in Glencoe, the bank operates branch offices in Brownton, Chaska, Cologne, Mayer, New Auburn, New Germany, Plato, Waconia, and Winsted.
“Let me start by welcoming the State Bank of Hamburg staff. We are in the relationship business and it is only good as our people.” said Andy Schornack, President of Security Bank & Trust Co. “By offering our new customers the relationship experience they have been accustomed to, with the expanded branch network, financial services and tech options, we strive to be the community bank of choice. Both banks will work together to ensure a smooth transition for the customers and employees.”
The transaction is subject to approvals by bank regulatory authorities and is expected to close during the third quarter of 2019.
“The decision to sell the bank was a difficult one for the family,” David Zelinsky, President of State Bank of Hamburg stated. “We’re confident we have found the right partner in Security Bank & Trust as we share a common mission and vision of what a community bank should be: an organization focused on providing excellent customer service while supporting our community.”