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Lake Community Bank to Merge with MidCountry Bank
(October 4, 2023) Lake Community Bank and MidCountry Bank, both locally owned and operated community banks, jointly announced today that Lake Community Bank will be merged into MidCountry Bank. Both banks are currently owned by the same holding company. The merger is expected to be completed in January, 2024. Upon completion of the merger, the Lake Community Bank Long Lake branch will operate as a MidCountry Bank branch, increasing the number of MidCountry Bank branch locations to fourteen.
Steve Meads, President & CEO of MidCountry Bank, is encouraged about the future. “MidCountry Bank and Lake Community Bank are two relationship-focused community banks that have strong market reputations, similar cultures, and the dedication to help clients achieve their financial goals. We believe we will be stronger together and able to do great things for our team members, our customers, and the communities we serve through this merger.”
“This is an exciting opportunity for our customers and our employees,” said Brian Peters, Lake Community Bank President & CEO. “We will be able to provide additional resources, products, and services, as well as give customers greater access across a larger branch and ATM network. I look forward to our future together.”
As of June 30, 2023, MidCountry Bank had total assets of approximately $1.1 billion. The bank currently has thirteen branch locations in Minnesota, serving customers in Apply Valley, Bloomington, Buffalo, Glencoe, Hastings, Hutchinson, Inver Grove Heights, Litchfield, Minnetonka, St. Cloud, Waconia, White Bear Lake, and Winthrop. Lake Community Bank had total assets of $163 million as of June 30, 2023, with one branch location in Long Lake, Minnesota.
The bank merger is expected to enable the combined entity to:
• Provide greater lending capacity and product offerings for customers
• Offer added career opportunities for team members
• Expand the support of the communities served
• Strengthen market position in Minnesota
The merger has been approved by the appropriate regulatory authorities. The banks presently anticipate the merger to be complete by January 1, 2024, with the system conversion scheduled for late January. Prior to the merger, both banks will communicate details to impacted customers to provide for a smooth transition. Until that time, daily transactions and account access will continue as usual.
MidCountry Bank Contact:
President & CEO
Lake Community Bank Contact:
President & CEO
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