Highland Bancshares, Inc., parent holding company of Highland Bank, a locally and independently owned community business-focused bank, announces the successful completion of its merger of Boundary Waters Bank today. Boundary Waters Bank had branches located in Woodbury, Blaine and Ely Minnesota, which held approximately $100 million in deposits.
On December 9, 2022, Highland announced a decision to merge its two bank holdings, following the receipt of all requisite regulatory approvals. An estimated date of August 18, 2023 was anticipated and completed on time.
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 customers, 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. “A great deal of work has been put into planning and executing for a successful merger over the past year. We are eager to begin to realize the fruits of these efforts. 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.”
About Highland Bank
As of June 30, 2023 Highland Bank reported nearly $686 million in assets. With the addition of the three branches, Highland will operate eight locations in Minnesota and hold approximately $798 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.
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 $112 million in assets as of June 30, 2023.