MINOT, N.D. – First Western Bank & Trust and State Bank of Lismore, located in Lismore, Minnesota, have reached an agreement for the purchase of State Bank of Lismore by First Western Bank & Trust. The completion of the transaction is scheduled for Thursday, November 30, 2023. Upon completion of the transaction, State Bank of Lismore will become First Western Bank & Trust.
“First Western Bank & Trust is excited to welcome State Bank of Lismore and its customers to our organization and expand First Western’s footprint into southwest Minnesota,” says First Western Bank & Trust President & CEO Brenda K. Foster. “State Bank of Lismore is a long-standing, family-owned, bank with a very well-respected banking history,” Foster says. “Our banks have common values focused on superior customer service and a deep commitment to our customers and communities.”
With the addition of State Bank of Lismore, First Western Bank & Trust will have assets of nearly $2.2 billion, and more than 330 employees in 13 communities across North Dakota, Minnesota, and South Dakota.
“The State Bank of Lismore is very fortunate to become a part of First Western Bank & Trust,” says Mark Loosbrock, State Bank of Lismore President, “We have been looking for a strong financial institution to partner with us to continue and expand on our commitment to serving all of our customer’s financial, insurance, and now, trust department needs. Our priority has always been to help our customers be successful by providing them with all the tools they require. I am very proud of the history of the State Bank of Lismore and the Lismore State Insurance Agency, and I am confident and looking forward to the blending of State Bank of Lismore and First Western Bank & Trust.”
After the conversion is complete in the spring of 2024, State Bank of Lismore customers and Lismore community members will have access to a full range of First Western financial solutions, such as business banking, consumer banking, ag banking, leasing, mortgage loans, insurance, trust services, and more.
###
About First Western Bank & Trust
First Western Bank & Trust has been a community bank since 1964. Founded in Minot, ND, they have grown to include bank locations across North Dakota, Minnesota, and most recently Sioux Falls, South Dakota, in 2021.
First Western Bank & Trust strives to be the premier bank and financial service provider in the communities they serve by building strong customer relationships, providing the best in customer service, offering diverse financial products and maintaining knowledgeable, friendly, professional employees.
About State Bank of Lismore
The State Bank of Lismore is an independently owned community bank with total assets of nearly $65 million. The bank was chartered in 1900 and currently has nine employees, including four fourth-generation family members.