Wipfli Corporate Finance Advisors, LLC is pleased to congratulate Benson, Minnesota- based West 12 Bancorporation, Inc. on its recent sale of its wholly owned subsidiary, State Bank of Danvers, to Annandale, Minnesota-based Lake Central Financial, Inc., the holding company of Lake Central Bank.
State Bank of Danvers had $64 million in assets as of June 30, 2023, and operates in Benson, Minnesota. Lake Central Bank had $209 million in assets as of June 30, 2023, with locations in Annandale, Clearwater and Maple Lake, Minnesota. Lake Central Bank’s assets are anticipated to increase to over $270 million following completion of the deal.
WCF Advisors, LLC served as the exclusive financial advisor to West 12 Bancorporation, Inc. and State Bank of Danvers on the transaction, with Reinhart Boerner Van Deuren, S.C. serving as legal counsel. Winthrop & Weinstine, P.A. served as legal counsel to Lake Central Financial, Inc. and Lake Central Bank.
The financial terms of the agreement were not publicly disclosed.