GLENCOE, MN— SECURITY BANK & TRUST CO. has entered into an agreement to acquire the CAMBRIDGE STATE BANK located at 127 South Main St., Cambridge MN 55008. The transaction is subject to regulatory approvals with a closing anticipated in the first quarter of 2024.
“We are excited by the opportunity to extend our financial services to the Cambridge community and welcome the dedicated employees of Cambridge State Bank to our team,” said Andy Schornack, President of Security Bank & Trust Co. “This partnership allows us to continue growing together with our communities and employees, building on our long history of serving the unique financial needs of Minnesota residents.”
Kim Erickson, who has had the honor of being the 4th “President Erickson” of Cambridge State Bank since its founding 110 years ago, following in the footsteps of her father, George Erickson, her grandfather, Elmer Erickson, and her great-grandfather Erick Erickson, stated:
“CAMBRIDGE STATE BANK has always been a community and family bank, and I am so pleased to be able to say that we are merging with SECURITY BANK & TRUST CO., which like us, is a family bank led by Gale Hoese. I have known Gale for over 50 years. His parents and my parents were friends. He has been my banker. Gale and his team, including our bank’s new President, Andy Schornack, know how to be local, community bankers, and they are looking forward to welcoming all of our staff into their team. I am looking forward to a smooth transition for all of our customers, our staff, and for me as I move to my retirement years.”
Shortly after the CAMBRIDGE STATE BANK merger is completed, FLAGSHIP BANK MINNESOTA will merge with SECURITY BANK & TRUST CO. under the SECURITY BANK & TRUST CO. banner. The transaction is subject to regulatory approval and expected to close by the end of the second quarter of 2024.
The mergers will bring together the values, strengths, and expertise of three long-standing Minnesota financial institutions, poised to be the community bank of choice in the communities they serve. When the three mergers are consummated, Security Bank & Trust Co. will be the 17th largest state bank in Minnesota with approximately $1.1 billion in total assets and 21 physical locations.
About Security Bank & Trust Co.
Established in 1935, Security Bank & Trust Co. is a community bank with locations serving clients throughout McLeod, Carver, Sibley counties. Family owned, Security prides itself on providing creative and helpful solutions for personal, farm, business, and trust needs alike. It’s been doing it for generations. From farm fields and dinner tables to board rooms and city halls, Security has the tools to help you grow. After all, we’re growing, together. Security Bank & Trust Co. is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For more information, including convenient banking hours and a location near you, please call (320) 864-3171 or visit the bank’s website at www.security-banks.com
About Cambridge State Bank Since its charter in 1914, Cambridge State Bank has been committed to helping you grow, and our products combine all the technology you need to achieve your goals with the personal touch you want. Cambridge State Bank provides two physical locations in Cambridge, MN and is a Member FDIC and Equal Housing Lender. www.cambridgestatebank.com
About Flagship Bank Minnesota
Since its charter in 1875, Flagship Bank Minnesota has focused on serving the unique financial needs of Minnesota professionals, nonprofit organizations, and business owners. In addition to its main office in Wayzata, the bank operates branch offices in Eden Prairie, Minnetonka, Isanti, Ramsey, and North Oaks, Minnesota. As a private, locally owned bank, our desire is to earn customers’ trust and respect, and deliver products of value with outstanding service…always…every day. Flagship Bank Minnesota is a Member FDIC and Equal Housing Lender. www.flagshipbanks.com
Contact: Andy Schornack
Phone: 952.358.2522 or Email: [email protected]