(Cold Spring, MN) — May 18, 2022 — Granite Bank, in Cold Spring, MN, announced that it has entered into an agreement to acquire Maple Bank, headquartered in Champlin, MN. Maple Bank is a single-location community bank founded in 2003, with assets totaling approximately $95 million. Upon closing of the transaction, Granite Bank will have approximately $240 million in assets.
Gerald Reiter, President & CEO of Granite Bank, commented, “We are proud to be acquiring Maple Bank, and have long admired the job that Maple Bank and their bankers have done serving the small business community. It is an exciting opportunity to serve customers in the Northwest Metro of the Twin Cities, and we look forward to expanding on the relationship-based style of banking they’re accustomed to.”
Brian Borgerding, CEO of Maple Bank, added, “We’re very excited about what this partnership will bring to our customers, employees, and the communities we serve. Granite Bank has an outstanding reputation in Central Minnesota, and we know they’ll continue the tradition of supporting our local community and economy.”
This transaction would expand Granite Bank into the Twin Cities Metro for the first time. Subject to regulatory approval and other closing conditions, the acquisition is anticipated to close in the beginning of the 3rd quarter in 2022.
About Granite Bank
Granite Bank is a family-owned community bank that primarily serves Central Minnesota, with banking relationships throughout the state. Granite Bank is headquartered in Cold Spring and has a Loan Production Office in Spicer; it has approximately $145 million in assets. Founded in 1902 and led by Gerald Reiter, Granite Bank has remained committed to providing excellent personal service with the latest in banking technology and can be found online at granitebank.com.
About Maple Bank
Maple Bank was chartered in 2003 in Champlin, MN, has approximately $95 million in assets, and serves the communities of Champlin, Maple Grove, and surrounding areas. The bank has a strong reputation of being a dedicated community bank that strives to serve the needs of its valued customer base.
In connection with the transaction, Barack Ferrazzano Kirschbaum & Nagelberg LLP served as Granite Bank’s legal counsel. Clifton Larson Allen LLP served as financial advisor to Maple Bank and Fredrikson & Byron, P.A. as Maple Bank’s legal counsel.