State Bank of New Prague to merge

 

State Bank of New Prague and People’s Bank of Commerce, both owned by Duke Financial Group of Minneapolis, have entered into a definitive agreement to be acquired by First Bank & Trust of Brookings, SD, it was announced today, Thursday, Aug. 3. 

A press release from State Bank of New Prague said the acquisition will bring State Bank a new name and expanded product line. All banks will take on the First Bank & Trust name.  

“This is an excellent opportunity to combine our well-respected pair of Minnesota banks with a group that shares our deep commitment to the culture of community banking,” Said Bruce Wolf, President and CEO of State Bank of New Prague. 

The transaction, which needs shareholder and regulatory approval, is set to close in late 2017. 

Read more in the August 10, 2017, print edition of The New Prague Times.