Wipfli Corporate Finance Advisors, LLC is pleased to congratulate Benson, Minnesota-based West 12 Bancorporation and its wholly owned subsidiary State Bank of Danvers (“Danvers”) on their sale to Annandale, Minnesota-based Lake Central Financial, the holding company of Lake Central Bank (“Lake Central”).
The deal is expected to close in the third quarter of 2023, pending regulatory approval and other customary closing conditions. The financial terms of the agreement were not disclosed.
Danvers and Lake Central banks have served Minnesota communities for over a century and look forward to continuing to do so.
Bryan Bruns, president of Lake Central, believes that Danvers’ culture and commitment to its customers made the bank a highly desirable acquisition. “Together we will remain small enough to know you, and big enough to serve you,” he said, speaking to customers.
Commenting on the sale process, Danvers’ Secretary of the Board Deb Connolly said, “The goal of this transition was to find a partner who values our family’s legacy and will fuel our continued growth. Lake Central shares our values and we believe our legacy is in good hands.”
State Bank of Danvers had $68 million in assets as of March 31, 2023, and operates in Benson, Minnesota. Lake Central Bank had $203 million in assets as of March 31, 2023, with locations in Annandale, Clearwater and Maple Lake, Minnesota. Lake Central’s assets are anticipated to increase to over $270 million following completion of the deal.
WCF Advisors, LLC is serving as the exclusive financial advisor and Reinhart Boerner Van Deuren, S.C. is serving as legal counsel to West 12 Bancorporation and State Bank of Danvers on the transaction, while Winthrop & Weinstine, P.A. is serving as legal counsel to Lake Central Financial and Lake Central Bank.