First National Community Bank to add Dresser branch
Driving north on Highway 35 into Dresser, a billboard proudly advertises First National Community Bank, and by the end of the year, bank president Thomas Mews plans to have a branch open there.
According to a press release issued on Thursday, June 12, First National Community Bank has entered into an agreement to buy a branch of Frandsen Bank & Trust located at 111 W. State St. in Dresser.
“This acquisition fits within our strategic plan and allows for a community bank presence to remain in the area,” Mews said in the press release. “The Dresser location will bring added convenience to our customer base, which is primarily St. Croix, Polk and Pierce counties.”
Frandsen Bank & Trust is part of Frandsen Financial Corp., which is based in Arden Hills, Minn., and touts itself as Minnesota’s sixth-largest Minnesota-based bank holding company with 35 full-service banks in three states.
“I think the purchase will be a great fit for First National,” said Frandsen Financial CEO Rich Hoban in an email statement. “Frandsen Financial has been strategically reallocating capital from some of its smaller branches, such as Dresser, and is looking to make some larger bank acquisitions in the near future. We want to continue to grow through high-quality acquisitions.”
Meanwhile, acquisitions are new to First National Community Bank.
“This is the first acquisition the bank has undergone and is a testament to the commitment to grow and sustain our community owned and operated bank … while we are increasing the asset base for the bank, our greatest assets are our employees,” Mews said in an email to his employees according to the release. “Without a strong team, we would not have been able to even consider this!”
Mews said employees were upbeat at the bank on Thursday as the news went public.
“Everyone is excited to be a part of this opportunity,” Mews said. “It really states the commitment to maintain a community bank. In today’s structure of regulatory pressure and demands, it takes a strong bank to remain viable, and this is just a commitment to go down that path.”
In addition to its headquarters located in New Richmond, First National Community Bank has full-service branches in Hudson and Somerset. The locally owned and operated bank has total assets of $165 million, and it originates and services an additional $190 million in home loans throughout the area, according to the release.