First Western Bank & Trust and State Bank of Lismore have reached an agreement for the purchase of State Bank of Lismore by First Western Bank & Trust, according to a First Western press release.
The completion of the transaction took place Thursday and State Bank of Lismore has now become First Western Bank & Trust.
“First Western Bank & Trust is excited to welcome State Bank of Lismore and its customers to our organization and expand First Western’s footprint into southwest Minnesota,” said First Western Bank & Trust President & CEO Brenda K. Foster. “State Bank of Lismore is a long-standing, family-owned, bank with a very well-respected banking history. Our banks have common values focused on superior customer service and a deep commitment to our customers and communities.”
"The State Bank of Lismore is very fortunate to become a part of First Western Bank & Trust,” says Mark Loosbrock, State Bank of Lismore President, “We have been looking for a strong financial institution to partner with us to continue and expand on our commitment to serving all of our customer’s financial, insurance, and now, trust department needs. Our priority has always been to help our customers be successful by providing them with all the tools they require. I am very proud of the history of the State Bank of Lismore and the Lismore State Insurance Agency, and I am confident and looking forward to the blending of State Bank of Lismore and First Western Bank & Trust.”
With the addition of State Bank of Lismore, First Western Bank & Trust will have assets of nearly $2.2 billion, and more than 330 employees in 13 communities across North Dakota, Minnesota, and South Dakota.
After the conversion is complete in the spring of 2024, State Bank of Lismore customers and Lismore community members will have access to a full range of First Western financial solutions, such as business banking, consumer banking, ag banking, leasing, mortgage loans, insurance, trust services and more.