The St. Paul-based bank, which was founded in 1915, will become a wholly owned subsidiary of American National Corporation but will retain its headquarters and name.
St. Paul-based Western Bank said Wednesday that it has agreed to be acquired by American National Corporation (ANC), an Omaha, Nebraska-based bank-holding company.
Financial terms of the deal, which is expected to close in September, were not disclosed.
Western Bank, which was founded in 1915, said that it will become a wholly owned subsidiary of ANC but will continue to operate as a separately chartered bank. Western Bank operates branches in St. Paul, Edina, Maplewood, Mounds View, and Oakdale.
Western Bank spokeswoman Chris Dressel told Twin Cities Business on Thursday that the acquisition will not result in branch closures, and there are no layoffs planned for the company’s 82 employees. Western Bank will retain its name and its St. Paul headquarters, and it will continue to have its own board of directors, she added.
“It’s business as usual, except with more products, technology, and capacity to provide our customers an even better banking experience,” Western Bank President and CEO Tony Lemaire said in a statement.
Western Bank, which successfully weathered the recession as many Minnesota banks struggled or even failed, had $401.4 million in assets as of March 31, according to Federal Deposit Insurance Corporation data. It reported a profit of $1.67 million for the first quarter of 2012, the most recent period for which data is available.
ANC owns American National Bank, which is the second-largest privately held bank in the Omaha area, and operates 32 full-service offices in Nebraska and Iowa, according to Western Bank.
Following the acquisition, ANC will have combined assets of roughly $2.5 billion, and Western Bank and American National Bank will continue to serve their respective markets.
Western Bank Chairwoman Julie Sands Causey, who will join the ANC board of directors following the acquisition, said in a statement that Western Bank will maintain “the same talented leadership and banking team, quick local decision-making, direct experience with the local market, personalized service, and the same involvement and tangible commitment to the community that people are accustomed to.”
Minneapolis-based law firm Fredrikson & Byron, PA, and Chicago-based investment bank River Branch Capital, LLC, advised Western Bank in the deal.