Published On : 2019-07-12
In Q1 2020, BlackRidgeBANK and First Western Bank & Trust will be merged under the name First Western Bank & Trust.
Westbrand, the parent company of US full-service financial center First Western Bank & Trust, has announced the acquisition of BlackRidge Financial, the parent company of BlackRidgeBANK, a US provider of client-centric banking, mortgage, and insurance solutions. Initially, BlackRidgeBANK and First Western Bank & Trust will operate independently after the transaction is completed. In Q1 2020, the two financial institutions could be merged under the name First Western Bank & Trust. As for the transaction, it is awaiting regulatory approval and is projected to see closure in Q4 2019.
“Through First Western Bank & Trust’s partnership, our bank accesses the leverage and strength of a bigger financial institution with complementary and broad activities. This positions our bank for an even more dynamic client-centric future. This combination’s inherent strengths will provide our clients access to a broader range of solutions, drawing on an expanded banking professionals team, which will improve notably the growth opportunities for our team members while further improving our market capabilities,” said Mark Anderson, CEO of BlackRidgeBANK.
Combined assets will be worth an estimated $1.7 billion
According to a recent BlackRidgeBANK press release, BlackRidgeBANK and First Western Bank & Trust will have combined assets of approximately $1.7 billion. In addition, the banks will have over 300 employees working in 11 different communities at 15 locations across the US states of Minnesota and North Dakota, which include Eden Prairie/Minneapolis, Nisswa, Crosslake, Baxter, Miltona, Carlos, Alexandria, West Fargo, Fargo, Bismarck, and Minot. They will offer a complete range of financial services, including trust, insurance, home loans, leasing, Ag banking, consumer banking, and business banking.
“We are delighted for announcing this partnership between two great community banks, having a combined footprint stretching from Minot to Minneapolis. BlackRidgeBANK is a banking institution that is very well-respected. Our two teams follow similar cultures, a deep commitment to our communities and clients and a focus on superior customer service,” said Brenda Foster, CEO of First Western Bank & Trust.
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