Duluth, Minn.-based Park State Bank will expand in northeast Minnesota later this year by acquiring First National Bank of Chisholm..The nearly $3 billion Park State Bank has 16 branches in the Iron Range, Duluth, North Shore and Minneapolis. As of March 31, First National Bank of Chisholm had $78 million in assets, $72 million in deposits and 16 employees. Following the merger, First National Bank of Chisholm customers are expected to have access to more products, improved digital banking tools and additional lending options. “This is more than a merger — it’s a meaningful step forward for the communities we already serve,” said David Saber, CEO and chair of Park State Bank. “By joining forces with First National Bank, we are expanding access to services and conveniences for First National Bank customers, while deepening our ability to support the financial needs of our shared communities.” Park State Bank has grown in northern Minnesota in recent years. In 2021, Park Financial Group acquired Grand Rapids, Minn.-based Mesaba Bancshares. The firm was the holding company for American Bank of the North and The Lake Bank.
