North Dakota’s Choice Financial Group to buy Northland

The $942 million Choice Financial Group, Fargo, N.D., has agreed to purchase the $196 million Northland Financial, Steele, N.D., in an all cash deal..The deal, which is expected to close in the third quarter, pending regulatory approval, will add four locations in North Dakota – Steele, Medina and two in Bismarck — to Choice's footprint. Choice Financial currently has 16 locations — 15 spread across North Dakota and one in Minnesota..At $1.15 billion, the combined bank will be the sixth largest bank by asset size in the state. "Choice Financial's pledge is that its strength, stability, and caring style of community banking will ensure it creates one of the best independently-owned community banks in our region," said Choice Financial CEO Brian Johnson.."This partnership will bring together two teams with a shared values system — one that demonstrates commitment to customers, communities and each other," Johnson said. "North Dakota communities need a strong community banking organization as a partner in a thriving and vibrant future. Both organizations have a solid footing in this region and were born from the agricultural communities that we have served well for many years. That tradition will continue," he said. .Northland Financial was founded in December of 1932 as the Bank of Steele. In 1968, the bank was purchased a local entrepreneur, Ralph Molbert and business partners. The bank changed its name to Northland Financial in 2000..Choice Financial continues to look for acquisition opportunities in North Dakota, South Dakota and Minnesota, Johnson said. Choice would even look at banks close to or in the Twin Cities, he said.