November 30, 2018
Award-winning community bank looks to future, continued growth in region
MINNEAPOLIS, MN - MidCountry Bank (MCB), headquartered in Bloomington, MN, is pleased to announce the successful closing of an ownership transaction in which the community bank, and its subsidiaries and divisions, will be acquired by MidCountry Acquisition Corp. First announced in June, the transaction was subject to regulatory approval and other customary closing conditions which have now all been completed.
MidCountry Bank, with $795 million in assets, serves the central Minnesota region through a network of 14 full-service branch offices. It offers a wide range of products and services through various subsidiaries and divisions including MidCountry Investments, MidCountry Insurance, and MidCountry Mortgage.
“We are extremely excited about this new Minnesota-based ownership group, and the opportunity it provides for our customers and our team members going forward,” stated Steve Meads, President and CEO of MidCountry Bank. “We now have a committed source of local capital and the added flexibility to pursue investments that further our growth and customer experience, with new local relationships that will allow us to continue growing both our market visibility and awareness.”
Under this simple ownership transaction, MidCountry Bank will operate on a stand-alone basis. It will retain its name, have the same management team, and maintain existing operations and systems. Customers can continue to conduct their banking business through all of MCB’s convenient options including its branch offices, ATMs and on-line at www.MidCountryBank.com.
“Our customers won’t see any change in their day-to-day service, products offered, or existing operations under this recent transaction,” Meads added. “MidCountry Bank will continue to be an industry leader in customer services and satisfaction, and fulfill our mission of being responsive to our customers and their financial needs and to the communities we serve.”
MidCountry Acquisition Corporation (MAC) acquired MCB from MidCountry Financial Corp., a bank holding company headquartered in Macon, Ga. MAC was formed by a group of local investors led by local businessman and entrepreneur Jim Hays, the founder of Minneapolis-based Hays Companies. Other MAC investors include Steve Lerum, Bill Mershon, and Brian Short. As background, Hays Companies recently reported that the insurance portion of the company was acquired by Brown and Brown. Jim Hays will continue to maintain his role within Hays Companies and will also serve on the Board of Directors of Brown and Brown.
MidCountry Bank was founded in 2003 with the acquisition of the First Federal Banks and Bayside Bank. The banks of MCB have been serving Minnesota communities as far back as 1904. The company is a leader in corporate social responsibility, focused on volunteerism, community giving, and civic leadership in the communities it serves. The bank maintains a Community Reinvestment Act (CRA) rating of Satisfactory and was named a 2018 Community Champion by the Minnesota Bankers Association.
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