The First National Bank at Darlington has reached an agreement to acquire Gratiot State Bank. Pending receipt of regulatory approval, the transaction is expected to close in the third quarter of 2015, at which point Gratiot State Bank will merge into First National Bank at Darlington.
“We are excited to have the customers and employees of Gratiot State Bank join the First National Bank at Darlington family,” said John Knellwolf, President and CEO of First National Bank at Darlington. “With the merger of Gratiot State Bank, we will be expanding our locations and adding customer service and convenience.”
Gratiot State Bank Vice President Randy Mau said this will benefit customers in a variety of ways, including providing them access to a wider array of banking products and services.
Knellwolf and Mau are looking forward to the opportunities that this merger holds for both banks. “Our banks have always been committed to serving the local farmers, small businesses, families and communities of Lafayette County. We have always been the local banks, serving the communities we work in with pride and integrity.”
First National Bank at Darlington was chartered in 1934, is headquartered in Darlington, and as of December 31, 2014, had $104 million in assets. Gratiot State Bank was chartered in 1902 and as of December 31, 2014, had $42 million in assets.