Minneapolis-based First Resource Bank is acquiring First State Bank of Wyoming, Minn..The deal is expected to close in the second quarter. By acquiring the $240 million First State Bank of Wyoming, First Resource Bank will grow to a more than $1 billion bank and operate eight branches across the Twin Cities and surrounding communities. Wyoming is a northern suburb of Minneapolis.Bank executives said the acquisition aligns with both institutions’ focus on community banking and customer service. First Resource Bank CEO Aaron Siegle said the two organizations’ values and geographic proximity make the combination a strong fit.Siegle said the acquisition came from a several-year working relationship between First Resource Bank President Charlie Anderson and First State Bank of Wyoming CEO Mark Zaruba. First Resource Bank has expanded rapidly in recent years, increasing assets 195 percent over the past five years.“The strong relationship and shared values between our leadership teams gives us a great head start as we look toward the future,” said Siegle.Chicago-based Barack Ferrazzano Kirschbaum & Nagelberg and CLA were advisors to First Resource Bank, while Minneapolis-based Winthrop & Weinstine and Fargo, N.D.-based Eide Bailly advised First State Bank of Wyoming.
