Highland Bancshares Completes Acquisition of Boundary Waters Bank

Highland Bancshares, Inc., parent holding company of Highland Bank, a locally and independently owned community business-focused bank, announced the completion of its acquisition of Boundary Waters Bank today. Boundary Waters Bank has branches located in Woodbury, Blaine and Ely Minnesota, which hold approximately $100 million in deposits.

This transaction sets forth a plan for future consolidation under Highland Bank, currently planned for third quarter, 2023. Rick Wall, Chief Executive Officer of Highland Bank shared, “This merger presented an ideal opportunity to expand our organization, blending our individual strengths to provide even greater value to our communities and shareholders alike.” Boundary Waters Bank President and CEO Sarah Kolek added, “Highland Bank brings a long-standing tradition of over 80 years of personal, local service and convenient financial solutions to the customers and communities it serves. At Highland, banking is much more than deposits and loans, it is about helping individuals and businesses thrive; which makes our joining with Highland a great fit.”

Highland Bank President Troy Rosenbrook is excited about the opportunities that lie ahead. “Both organizations benefit from this merger. We look forward to the integration of talent and the expansion of services this will make possible for our customers.”
Both banks will communicate details to impacted customers to provide for a smooth transition in advance of the conversion date. Until that time, daily transactions and account access will continue as usual.

About Highland Bank

As of June 30, 2022 Highland Bank reported nearly $630 million in assets.  With the addition of the three branches, Highland will operate eight locations in Minnesota and hold approximately $750 million in assets.  Founded in 1943, Highland Bank is an independent, privately held bank serving the communities of St Michael, Maple Grove, Minnetonka, Bloomington and St Paul. Highland proudly brings value to its customers as trusted advisors. Highland Bank’s expertise is business lending, with an emphasis in real estate lending, commercial/industrial loans, and government-backed loan solutions. Learn more about Highland Bank at www.Highland.bank

About Boundary Waters Bank

Boundary Waters Bank was chartered in 1999 in Ely, Minnesota and has been a locally owned, independent community bank since that time. Boundary Waters Bank proudly serves the communities of Ely, in northeastern Minnesota, and the Twin Cities metro communities of Blaine and Woodbury.  Boundary Waters Bank reported approximately $115 million in assets as of June 30, 2022.