Correction: CorTrust-First Minnesota story
MITCHELL, S.D. (AP) — In a story May 30 about CorTrust’s acquisition of First Minnesota Bank, The Associated Press reported erroneously that the purchase price was $347 million. The purchase price was not actually disclosed and $347 million was the amount First Minnesota Bank has in assets.
A corrected version of the story is below:
CorTrust acquiring First Minnesota Bank for an undisclosed sum
CorTrust Bank is expanding its footprint in Minnesota
MITCHELL, S.D. (AP) — CorTrust Bank is expanding its footprint in Minnesota.
The Mitchell-based bank, with 22 locations in eastern South Dakota, is buying First Minnesota Bank, which has assets of $347 million. That will increase CorTrust locations in Minnesota from four to 15 branches and give it a combined asset of $1.2 billion.
The purchase price was not disclosed.
The Argus Leader says the deal is expected to close by the end of September.