First Dakota National Bank of Yankton announced the substantial completion of the full integration of deposit and lending operations of the former offices of Bank 360 into First Dakota.
Earlier this year, First Dakota acquired Bank 360 in an unusual transaction involving a supervisory conversion of Bank 360 from a mutual charter to a stock charter, immediately prior to merging the two banks. Lindquist & Vennum LLP represented First Dakota National Bank in the transaction.
“We are very happy with how smoothly the transition has gone,” said Rob Stephenson, president of First Dakota. “Nearly all of Bank 360’s staff have chosen to continue their employment with First Dakota, so customers are seeing familiar faces when they come into the bank. And virtually all of Bank 360’s customers are continuing with First Dakota.”
Nate Franzen, president of First Dakota’s agribusiness division, added, “We are particularly pleased to offer the full range of First Dakota’s agri-business financial products and services.”
First Dakota also announced financial contributions totaling $400,000 to community foundations in Beresford and Elk Point.
“This is our way of recognizing the value of these communities to this bank,” said Larry Ness, chief executive officer of First Dakota.
The Lindquist & Vennum attorneys on the transaction team were Steve Johnson, Elizabeth Sandberg and Edward Wegerson.