Jordan, Minn.-based Riverland Bancorporation and Rochester, Minn.-based Olmstead Holding Company plan to merge and create a $500 million bank..The merger was announced Feb. 25. A price was not disclosed. Riverland Bancorporation is the holding company for Riverland Bank. Olmstead Holding Company is the holding company for Eagle Rock Bank. As of Jan. 21, Riverland Bank had $229 million in assets, $196 million in deposits and $204 million in net loans and leases. The bank has two branches, in Rochester and northeast Minneapolis. As of last month, Eagle Rock Bank had $272 million in assets, $220 million in deposits and $208 million in net loans and leases. Eagle Rock has three branches, in Rochester and nearby Stewartville, along with the Twin Cities suburb of Arden Hills, Minn. The combined bank is expected to operate under the Eagle Rock name and be headquartered in Rochester. According to a press release, the merger will also “meaningfully increase its lending capacity and treasury management capabilities, enabling broader support for small- and mid-sized businesses, home builders and developers, and professionals seeking high-touch banking services.”Eagle Rock Bank CEO Larry Schminski will be CEO of the combined bank.
