Landmark Investor Group, Inc. announced today that it has entered into an agreement to acquire the stock in Landmark Community Bank, N.A., subject to bank regulatory approvals.
“We are community bankers and know business, real estate lending very well. We look forward to Landmark’s employees joining our team and reinvesting in the communities Landmark serves.”
Landmark Community Bank, N.A. had assets of approximately $84 million, loans of $59.3 million and deposits of $74.3 million as of December 31, 2014. In addition to its main office in Isanti, the bank operates branch offices in Ramsey and North Oaks, Minn.
“Let me start by welcoming the Landmark Community Bank staff. We are in the relationship business and it is only as good as our people. We look forward to their joining the Landmark Investor Group, Inc. family. Our desire is to earn our customers’ trust and respect, and deliver products of value with outstanding services…always…every day,” said Andy Schornack, CEO of Landmark Investor Group, Inc.
The transaction is subject to approvals by bank regulatory authorities and is expected to close during the second quarter of 2015.
“We are very pleased to partner with a strong company that operates under a proven business model and is well-known as a forward-thinking organization,” said Jeff Betchwars, President and CEO of Landmark Community Bank. “Since our founding more than 110 years ago in 1901, Landmark Community Bank has proudly served the people of Isanti with personal service and community leadership. The ownership behind Landmark Investor Group, Inc. is built on the same principles.”
Landmark Investor Group, Inc. is a local, private and closely held investor group with ownership that is also active in Security Bank & Trust Company, Glencoe, Minn., and Flagship Bank Minnesota, Wayzata, Minn. Landmark Investor Group’s ownership and its respective banks currently have 14 banking locations in Minnesota and manage over $500 million in total assets.