Larry Ness, Chairman and CEO of First Dakota National Bank and Mark Southwick, CEO and President of Bank 360, announce an agreement has been reached for Bank 360 to merge into First Dakota. The agreement is subject to regulatory approval.
First Dakota has $900 million in total assets and 14 banking locations in 10 communities throughout southeast South Dakota. Bank 360 has locations in Yankton, Beresford and Elk Point with $40 million in total assets.
"We are delighted with the prospect of serving the communities of Beresford and Elk Point," said Ness." These are good, strong communities with hard working and talented people. We are confident we can play a role in their future success and we can't wait to get there."
"I am pleased with this merger," said Southwick. "First Dakota is a strong financial institution with a wide range of financial products and services. We are especially excited about their involvement in agriculture. First Dakota is the second largest community ag bank in the United States."
Ness stated, "Our banking philosophy is to provide a high level of customer service and the products and services our customers need. There will be no interruption of banking services and Bank 360 customers can be confident their accounts are secure and accessible."
First Dakota was founded in 1872 and holds the Dakota Territory's first bank charter. In addition to the home office in Yankton, First Dakota has full-service locations in Vermillion, Sioux Falls, Salem, Mitchell, Parkston, Wagner, Kimball, Chamberlain and Oacoma.
The applications to merge are being filed with the respective regulators. Once approved, the merger will occur. Closing date is anticipated to be late 2012 or early 2013.