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PEOPLES EQUITY CORPORATION TO ACQUIRE PARAGON BANK
WELLS -- April 12, 2016 -- Peoples Equity Corporation, owner of Peoples State Bank of Wells, announced today that it has entered into a stock purchase agreement with Southern Minnesota Bancshares, owner of Paragon Bank, for the purchase of Paragon Bank, in its entirety. The terms of the agreement are undisclosed.
“Paragon Bank is an ideal strategic fit with Peoples State Bank and we are excited to continue to grow as a local community bank,” said Ann Marie Schuster, President of Peoples State Bank. “Our business cultures are very similar in regard to our customer service and local community involvement. The transaction will allow us to create greater efficiency to improve customer product choices and services.”
Following regulatory review and authorization, the purchase of Paragon Bank will significantly increase Peoples State Bank’s lending authority and enhance its already strong presence as a community bank in south central Minnesota. In addition to increasing the total asset size, the acquisition ensures the future of independent community banking in the Wells area.
“Peoples State Bank will remain competitive with larger regional and national banks while still maintaining hometown service and management. We will work collaboratively to make any changes seamless for our valued customers and continue to focus on providing our customers the best services in the area.”
Until the regulatory process and approval has been completed, Peoples State Bank and Paragon Bank customers should continue to do business at their existing bank locations and existing bank staff will continue to serve customers without interruption. For more information, visit www.peoplesstatebankwells.com.
About Peoples State Bank of Wells
Peoples State Bank of Wells is an FDIC insured, family owned bank located in south central Minnesota. Founded in 1924, Peoples State Bank has provided the residents and businesses of Faribault, Freeborn, and Waseca counties with a wide range of secure and dependable financial services. While agricultural lending continues to be a focus, the bank offers a full line of home mortgages, home equity, and all types of consumer loans -- all with a commitment to personal service.
About Paragon Bank
Security State Bank of Wells opened its doors for business on August 31, 1925 in Wells, Minnesota. Vincent F. Hart and Thomas J. Hart purchased the Bank in 1958. Patrick V. Hart became majority shareholder of the organization in January 1984 and served as CEO and Chairman of the Board from 1980 to 2011. In August of 2000, Security State Bank of Wells changed its name to Paragon Bank.
