Highland Bank, a locally and independently owned community business-focused bank, signed a definitive agreement on August 17, 2022 to purchase Boundary Waters Bank, pending regulatory approval. Boundary Waters Bank has branches located in Woodbury, Blaine and Ely Minnesota, which hold approximately $100 million in deposits. The acquisition is expected to be complete by the end of year 2022.
The agreement to purchase all outstanding shares of Boundary Waters Bank sets forth a plan for future consolidation under Highland Bank in 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, “We are pleased to announce we have entered into a merger agreement with Highland Bank. They have a long history of demonstrating a strong commitment to their customers and communities they serve. Joining forces will extend our reach by providing customers access to a larger banking network and expanded services. Culturally, the union is a natural fit.”
Highland Bank President Troy Rosenbrook is excited about the future. “Highland continues to look for ways to expand on the relationship-based approach that has served us so well. We are confident that this merged organization will further that mission within our shared business model.”
Preceding the 2023 conversion, both banks will be communicating details to impacted customers to provide for a smooth transition. 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.