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June 13, 2018
MINNEAPOLIS, MN (June 13, 2018) MidCountry Bank (MCB), headquartered in Bloomington, Minn., announced today a purchase agreement in which this regional community bank will be acquired by MidCountry Acquisition Corporation, a bank holding company based in Minneapolis and owned by local investors.
MidCountry Bank, with $775 million in assets, currently serves the central Minnesota region through a network of 15 full-service branch offices. It offers a wide range of products and services through various subsidiaries and divisions including, MidCountry Investments, MidCountry Insurance, and MidCountry Mortgage. MCB also operates a consumer banking division under the name Pioneer Services, providing active-duty military, career-retired military, and veterans of the U.S. Armed Forces with access to personal installment loans and free financial education resources. The division operates both online and through a network of seven retail loan production offices around the country.
“This is a tremendous opportunity, and we are extremely excited about the potential this new Minnesota-based ownership group will provide for our customers, and our team members, going forward,” stated Steve Meads, President and CEO of MidCountry Bank. “We will now have a committed source of local capital and flexibility to pursue investments that further enhance our customer experience, with added local relationships also allowing us to grow both our market visibility and awareness.” The bank will operate on a stand-alone basis and will be managed by the existing management team.
Following the close of the transaction, MidCountry Bank will retain its name, management team, and existing operations and systems. Customers will continue to conduct their banking business through all of MCB’s convenient options including its branch offices, ATMs and on-line at www.MidCountryBank.com. Pioneer Services will also continue servicing military customers through all of its existing channels, including via online and mobile access at www.PioneerServices.com and through its network of retail loan production offices.
“This is a simple ownership transaction, our customers won’t see any real change in their day-to-day service, products offered, or existing operations,” Meads added. “MidCountry Bank will continue to remain a market leader in customer satisfaction, innovative products and services, and continued support for the communities where we operate.”
MidCountry Acquisition Corporation will acquire MCB from MidCountry Financial Corp. (MCFC), a bank holding company headquartered in Macon, Ga. The acquisition of MCB is subject to regulatory approval and other customary closing conditions, and is expected to close during the fourth calendar quarter of 2018.
As background, MCB was founded in 2003. The company is a leader in corporate social responsibility, focused on volunteerism, community giving, and civic leadership in the communities it serves. The bank maintains a Community Reinvestment Act (CRA) rating of Satisfactory and was named a 2018 Community Champion by the Minnesota Bankers Association. For more information about MCB, go to www.MidCountryBank.com.