Merchants Bank purchases Associated Bank locations in Rushford and Lanesboro
ROCHESTER, Minn. (KTTC) -- Federal regulators have approved Merchants Bank's purchase of Associated Bank locations in Rushford and Lanesboro.
The Comptroller of the Currency approved the sale, which is tentatively scheduled to be completed by Nov. 15.
The sale includes about $47 million in deposit and loan relationships, as well as the physical locations of the banks in Rushford and Lanesboro. The approved sale also includes Ag loans and related deposits from Associated's location in Red Wing.
Terms of the sale have not been disclosed.
Merchants Bank has $1.3 billion in assets and 18 current locations.
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