Western Bank will acquire Minneapolis-based Stonebridge Bank, the two firms said Tuesday.
The deal for Stonebridge to become part of Western, a division of Omaha-based American National Bank, will close in September. Financial terms weren't disclosed.
All Stonebridge officers and employees — including CEO Bill Klein and President David Boyce — will join the combined bank, which will have seven locations in the Twin Cities with more than $700 million in assets.
"Stonebridge has gained a great reputation for serving executives with private banking services, as well as banking for professional organizations, family owned businesses, and the commercial real estate market," said Klein. "Western Bank has gained a great reputation among its clients in the commercial, not-for-profit, and real estate areas. Together we have the lending authority and the appetite to serve this entire community."
American National Bank has been doing business in the Twin Cities since 1915, and now has locations in St. Paul, Bloomington, Maplewood, Mounds View and Oakdale.
Stonebridge, founded by Klein in 2006, has focused on lending to professional services firms like doctors' groups, law and architecture firms. The company is headquartered in the Mill District near the Guthrie Theater.
"We look forward to joining forces," said Tony Lemaire, the president and CEO of Western Bank. "The synergy of combining the specialties and geographies of the two banks is exciting, and will yield benefits to our customers."
Adam Belz • 612-673-4405 Twitter: @adambelz
