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July 2, 2024
MidCountry Bank is proud to announce that Red Rock Bank will be merged into MidCountry Bank, with an expected October 2024 completion. Both community banks are currently owned and operated by the same Minnesota-based holding company. Upon completion of the merger, the Red Rock Bank branches in Springfield and Sanborn, Minnesota will operate as MidCountry Bank, increasing the number of MidCountry Bank branch locations to sixteen.
The strategic merger aims to combine the strengths of both banks, delivering enhanced value to customers by offering greater lending limits and a range of banking products, expanded community support, and additional career opportunities for team members. The merger will also strengthen MidCountry Bank’s market position in Minnesota with added branch access for customers and an increased presence of agricultural services.
“We are excited to have the Red Rock Bank customers and team members join MidCountry Bank. I strongly believe it’s a great match for both organizations,” said Steve Meads, President and CEO of MidCountry Bank. “We share similar commitments to serving our customers and communities with a relationship-focused approach. MidCountry Bank will continue to build upon what Red Rock Bank has already established in its communities and deliver an exceptional banking experience. We look forward to welcoming their customers and team members into the MidCountry Bank family.”
Red Rock Bank President and CEO, Michael Bick shared a similar sentiment: “MidCountry Bank shares the same common mission and values of providing exceptional financial services and building lasting relationships. We are excited to join forces to create an even stronger financial institution and expand our area presence. Together, we will be well positioned to navigate the evolving financial landscape and drive long-term growth.”
As of May 31, 2024, MidCountry Bank had total assets of $1.2 billion. The bank currently has fourteen branch locations in Minnesota, serving customers in Apply Valley, Bloomington, Buffalo, Glencoe, Hastings, Hutchinson, Inver Grove Heights, Litchfield, Long Lake, Minnetonka, St. Cloud, Waconia, White Bear Lake, and Winthrop. Red Rock Bank had total assets of $46 million as of May 31, 2024, with branches in Springfield and Sanborn.
The merger has been approved by the appropriate regulatory authorities. The banks anticipate the merger to be complete by October 1, 2024, with the system and account conversion scheduled for late October. Prior to the merger, both banks will communicate details to impacted customers to provide for a smooth transition. Until that time, daily transactions and account access will continue as usual.