MidCountry Bank announced a strategic merger with Red Rock Bank, both currently under the same Minnesota-based holding company. The merger, expected to finalize in October 2024, will see Red Rock Bank branches in Springfield and Sanborn, Minnesota, rebranded as MidCountry Bank locations. This integration will increase MidCountry Bank’s footprint to sixteen branches across Minnesota, strengthening its position as a leading community bank.
This merger of MidCountry Bank and Red Rock Bank is designed to create significant benefits for customers and communities. By combining the resources of both institutions, the newly expanded MidCountry Bank will offer customers enhanced lending capabilities and a wider array of banking products and services. This also translates to increased support for local communities and more career advancement opportunities for the combined team. Crucially, the merger reinforces MidCountry Bank’s commitment to Minnesota, particularly in the agricultural sector, with an expanded branch network providing greater access to services.
“Welcoming Red Rock Bank customers and team members to MidCountry Bank is an exciting step,” stated Steve Meads, President and CEO of MidCountry Bank. “We believe this merger is an excellent fit for both banks. Our shared dedication to customer relationships and community focus aligns perfectly. MidCountry Bank is committed to building upon the strong foundation Red Rock Bank has established and ensuring a seamless and exceptional banking experience. We eagerly anticipate welcoming everyone into the MidCountry Bank family.”
Michael Bick, President and CEO of Red Rock Bank, echoed this positive outlook. “Red Rock Bank and MidCountry Bank share a common mission centered on delivering outstanding financial services and fostering lasting customer relationships. Joining forces to create a stronger financial institution and broaden our regional presence is a natural progression. Together, as one entity, we will be better equipped to navigate the evolving financial landscape and drive sustained growth for the benefit of our customers and communities.”
As of May 31, 2024, MidCountry Bank reported total assets of $1.2 billion, operating fourteen branches throughout Minnesota, including locations in Apple Valley, Bloomington, Buffalo, and many more. Red Rock Bank, with branches in Springfield and Sanborn, held total assets of $46 million as of the same date.
Regulatory approvals for the merger have been secured, paving the way for an anticipated completion by October 1, 2024. System and account conversions are planned for late October. Both MidCountry Bank and Red Rock Bank are committed to transparent communication with customers to ensure a smooth transition. Until the full integration is complete, customers of both banks can continue to conduct their banking as usual.
