Wilcox organization marks centennial anniversary with a Twin Cities acquisition

It's been a big year for Wilcox Bancshares Inc. The Grand Rapids, Minn.,-based holding company entered the Minneapolis-St. Paul in September with the acquisition of Crow River State Bank. The purchase expanded the company into the western suburbs of the Twin Cities with two branches and a mortgage office. The bank also turns 100 years old this year..Based in Delano, Minn., with $84 million in assets, Crow River State Bank was a good fit as an acquisition target for Wilcox Bancshares. "The west metro was one of the markets we were interested in strategically," said Noah Wilcox, president and CEO of Wilcox Bancshares, who went to high school in the area of Delano and Mound, Minn. "We have a lot of contacts in that market.".Crow River State Bank will become the second subsidiary bank owned by the $225 million Wilcox Bancshares, Grand Rapids, Minn. Wilcox said Crow River State Bank will operate under the name Minnesota Lakes Bank as a separate subsidiary from the company's first charter, Grand Rapids State Bank..Minnesota Lakes Bank is a similar lender to Grand Rapids State Bank which focuses on providing commercial loans to small businesses. "The acquisition will allow us to do more of what we do best while also giving us geographic and demographic diversification," Wilcox said. In addition to an entrance into the Minneapolis-St. Paul area, the acquisition gives the Wilcox organization locations in Minnesota's Wright County where the population has grown to nearly 130,000 from 90,000 since 2010. In Grand Rapids State Bank's Itasca County, population has been flat over the same period..The deal also had advantages for Minnesota Lakes Bank, Wilcox said. "It is hard with about a $1 million lending limit to get into commercial lending. Size will help there," he said. "They also will be able to offer remote deposit, mobile banking, and a few other products they don't have today.".Minnesota Lakes Bank will retain most of its staff. The president, Dwight Bacon, retired upon closing the sale. The bank's COO also retired. Wilcox hired John Poling as the bank's new market president last week. Poling previously work as a market president with Merchants Bank, La Crescent, Minn. Wilcox said he will be the bank's CEO..One of best parts of the acquisition for Wilcox, a fourth generation banker and 2012-2013 chairman of the Independent Community Bankers of Minnesota, was preserving a community bank charter in Minnesota. "It is clear that as we continue to deal with ongoing regulatory burden and new rules as an industry, we have to leverage some efficiencies if we want to remain relevant," he said..On his interest in other acquisition in the Twin Cities, Wilcox said he sees opportunity to grow his company's services and products in other western, outer suburbs. "I do see the charter growing responsibly in the coming years," he said.