Stinson Leonard Street Client Deerwood Bank To Acquire Plaza Park Bank
Longtime Stinson Leonard Street client Deerwood Bank has agreed to acquire Plaza Park Bank of Central Minnesota. The parties anticipate that the transaction will close in the first quarter of 2018 pending regulatory approval.
The acquisition will benefit clients of both financial institutions and offer customers accessibility to community banking services and products throughout the state of Minnesota. The two institutions share similar business values and a commitment to their customers, employees and the communities they serve.
"This decision was made with a great deal of consideration for our clients, employees and the communities we serve," said Bill Eickhoff, President at Plaza Park Bank. "Deerwood Bank has very similar values to Plaza Park Bank and also believes in the power of strong relationships, tight communities and a family-based workplace."
Deerwood Bank President and CEO John Ohlin stated, "Our business philosophies are based on the belief that our success as a community bank depends upon our commitment to and deep knowledge of the communities we serve. Plaza Park Bank shares these philosophies and is an excellent fit for Deerwood Bank, our communities and the customers we serve. We feel fortunate that Plaza Park Bank has entrusted Deerwood to carry on their banking legacy in Central Minnesota."
In June, Plaza Park Bank reported about $207 million in assets. Deerwood Bank reported about $484 million in assets and about 130 full-time equivalent employees.
Deerwood Bank was established in 1910. The bank has locations in Baxter, Bemidji, Blackduck, Brainerd, Deerwood, Garrison, Grand Rapids, Inver Grove Heights, Mendota Heights, Northome and St. Paul, Minn.
Plaza Park Bank opened in 1910 in Rockville, as the First State Bank of Rockville. In 1957, the bank moved to St. Cloud and changed its name to Plaza Park State Bank. It has branch locations in Waite Park and Sartell.
The Stinson team that advised Deerwood Bank was led by Minneapolis partner Adam Maier, St. Cloud partner Brian Schoenborn and Kansas City attorney Jennifer Salisbury.