Flagship to buy Landmark Community

Wayzata-based Flagship Bank Minnesota will buy Landmark Community Bank, N.A., Isanti, Minn., later this year..Acquisition of the $82 million Landmark brings three branches, loans of $52 million and deposits of $68 million. The $101 million Flagship currently has two branches..In April 2015, Landmark Community Bank, N.A. was acquired by Landmark Investor Group, Inc. whose individual shareholders were also investors in Flagship Financial Group, Inc..Among the ownership overlap is Flagship President and CEO Andy Schornack, who is also CEO of Landmark Investor Group.."I have been fortunate to work with both organizations over the past year and am excited to combine our organizations," Schornack said. "We have great people and our increased scale will allow us to serve our customers better, with expanded product offerings and services, while reducing the duplicative regulation and compliance costs we experience as two separate financial institutions.".Pending regulatory approval, the two will merge in the fourth quarter.