Minnwest Bank and Roundbank announce merger

Minnwest Bank and Roundbank announced on Thursday, Aug. 12, the signing of an agreement to merge. Completion of the transaction, which is currently expected to occur by the end of 2021, is contingent upon regulatory approval.

Roundbank, originally chartered in 1881, is part of the Claire Erickson family of businesses. The holding company for Roundbank is Waseca Bancshares. The bank was purchased from First Bank System (now known as U.S. Bank) by the Erickson family and local directors and management group in 1987. They have demonstrated a strong commitment to their employees, customers, and communities for over 34 years. Roundbank currently has four branches throughout Minnesota in Waseca, New Prague, Waldorf, and Farmington. As of July 2021, the bank has approximately 70 employees and $385 million in assets. Withrop & Weinstine, P.A. acted as legal advisor and Oakridge Financial Services Group, Inc. acted as financial advisor to Roundbank. Fredrikson & Byron, P.A. acted as legal advisor to Minnwest Bank for this transaction.

Douglas Karsky, President of Minnwest Bank, stated, “Merging Minnwest Bank with Roundbank presents an exciting...

To see more on this story pick up the Augusts 19, 2021 print edition of The New Prague Times.