Hastings, Minn.-based PB Family Bancshares is expanding in the Twin Cities metro by acquiring Mendota Heights-based Gateway Bank. .The transaction is expected to close later this quarter. PB Family is the holding company of Premier Bank Minnesota, which has $700 million in assets and a dozen branches. A $300 million bank, Gateway Bank also has a branch in Edina. Gateway also has $263 million in deposits and $229 million in loans. In 2004, PB Family Bancshares was a founding investor in Gateway. Premier Banks also has Twin Cities metro branches in Maplewood, Roseville, Andover, Blaine, Osseo, Bloomington and Farmington. Gateway Bank and Premier Bank Minnesota are expected to operate as individual bank charters after the transaction closes. John Schreier will remain CEO of Gateway, and Bruce Downey will stay president. Patrick Regan will be chair, and Casey Regan will be vice chair.Chicago-based Barack Ferrazzano Kirschbaum & Nagelberg and Austin, Texas-based Bank Advisory Group were advisers to PB Family. Minneapolis-based Winthrop & Weinstine and Lake Elmo, Minn.-based TruStar Advisors advised Gateway.
