Sections

Weather Forecast

Close
Advertisement
The Dresser branch of Frandsen Bank & Trust will soon become the fourth branch of First National Community Bank, which is based in New Richmond. The bank also has full-service branches in Hudson and Somerset. (Photo by Micheal Foley)

First National Community Bank to add Dresser branch

Email News Alerts

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.

Advertisement
Advertisement

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.

Advertisement
Micheal Foley
Micheal Foley joined RiverTown Multimedia in July 2013 and serves as editor at the New Richmond News. In the past he has worked at several news outlets including Patch.com in Hudson, Wis., the Desert Sun in Palm Springs, Calif., the Leader-Telegram in Eau Claire, Wis., and the Pioneer Press in St. Paul, Minn. He began his career as a Marine Corps journalist. He served as a reporter and photographer in Okinawa, Japan, and editor of the base newspaper at Marine Corps Air Station Miramar in San Diego, Calif. He has a Bachelor of Arts degree in journalism from the University of Wisconsin–River Falls.
(715) 243-7767 x241
Advertisement
Advertisement