Frandsen completes Provincial Bank deal

Frandsen Financial Corp., Arden Hills, Minn., completed its acquisition of Provincial Bank, Lakeville, Minn., on April 1..Provincial Bank had more than $80 million in assets and branches in Lakeville, Hastings and Apple Valley, Minn..The bank was founded in 1997 by former President and CEO Mike Watters and Executive Vice President Patrick Arling. Watters, Arling, and Apple Valley Market President Michael Lebens will continue to oversee the three offices now that the deal has closed.."We're excited to the serve the Provincial customers in Lakeville, Apple Valley, and Hastings," said Frandsen Financial Rich Hoban. "Entering the high growth markets where Provincial's offices are located provides [Frandsen Financial Corporation] the opportunity to create some strong organic growth in years to come.".The Oak Ridge Financial Services Group, Inc. provided financial advisory services to Provincial Bank as part of this transaction..The $1.6 billion Frandsen Financial has more than 30 offices in North Dakota, Minnesota and Wisconsin.