Merchants Bank's purchase of the Rushford and Lanesboro branch locations of Associated Bank has been approved, according to Merchants Financial Group Inc., President and CEO Richard L. Mahoney.
The sale includes about $47 million in deposit and loan relationships, as well as the physical locations of the banks in Rushford and Lanesboro. The approved sale also includes Ag loans and related deposits from Associated's location in Red Wing.
The sale is tentatively scheduled to be completed November 15th. Terms of the sale have not been disclosed.