Posted on June 24, 2019
Richard Hoban, Director of Corporate Development for Frandsen Financial Corporation (“FFC”) has announced that a purchase agreement has been signed for FFC to purchase Peoples Bank Midwest, pending approval of the Federal Reserve Bank and the Minnesota Department of Commerce. The transaction is expected to close before the end of 2019.
FFC’s CEO Chuck Mausbach states, “Frandsen Financial Corporation and Peoples Bank Midwest share very similar ‘community-first’ philosophies and we look forward to serving the Peoples Bank Midwest customers and supporting the communities of Hayward, Eau Claire, and Vadnais Heights for years to come.” Mausbach added, “Peoples Bank Midwest’s commercial customers will benefit from larger lending capabilities, strong treasury management products, and SBA lending expertise. Retail customers will have access to additional online and mobile banking technologies, and licensed retail investment professionals. All customers will have access to a full-service wealth management and trust department that has over $350 million in assets under management.”
Peoples Bank Midwest, which is chartered in Hayward, WI, has over $360 million in assets, and was founded as Peoples National Bank in 1925. Current majority owner and Chairman, Michael J. O’Meara, purchased the Bank in 1991. Under O’Meara’s leadership, the Bank expanded in 1996 to Eau Claire, WI, and in 2007 to Vadnais Heights, MN. O’Meara states, “Peoples Bank Midwest customers won’t notice many differences, if any, once the ownership changes hands; they will continue to receive superior customer service by the same bank staff they currently work with. We were very intentional about who we sold the bank to. FFC has exhibited a commitment to their communities by being awarded the Minnesota Bankers Association’s ‘Community Champion’ award each of the past three years. This commitment stems from their founder, Dennis Frandsen, whose foundation (Frandsen Family Foundation) provides college scholarships to graduating seniors in communities in Minnesota and Wisconsin. Finally, FFC has a great track record as a quality employer as witnessed by their Star Tribune Top 150 Employer recognition the past two years.”
Current Peoples Bank Midwest CEO, Daniel Riebe, will continue to oversee the three Peoples Bank Midwest offices after the acquisition is finalized along with the current Market Presidents. Riebe states, “Even though we’re going to be a part of one of the largest bank holding companies in Minnesota, we’re still going to be dedicated to fully supporting the Hayward, Eau Claire, and Vadnais Heights markets; focusing on the needs of the people in our communities.”
The Hovde Group, LLC provided financial advisory services to Peoples Bank Midwest as part of this transaction.
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