For Immediate Release
Cavalier, North Dakota – First Holding Company of Cavalier, Inc., Cavalier, North Dakota, the one-bank holding company for United Valley Bank, Cavalier, North Dakota, and Mahnomen Bancshares, Inc., Mahnomen, Minnesota, the one-bank holding company for First National Bank Mahnomen Twin Valley, Mahnomen, Minnesota, are pleased to jointly announce that the parties have entered into a Stock Purchase Agreement that will cause First Holding Company of Cavalier to purchase 100% of the common stock of First National Bank Mahnomen Twin Valley. In the transaction, which is expected to close in the first quarter of 2018, First Holding Company of Cavalier will purchase 100% of the common stock of First National Bank Mahnomen Twin Valley.
Tim Siegle, United Valley Bank’s President and Chief Executive Officer said of the transaction:
“United Valley Bank is excited about the opportunity to acquire First National Bank of Mahnomen Twin Valley. United Valley Bank looks forward to the opportunity to provide First National’s customers the same outstanding products and services that are provided to our existing customers. We also look forward to the opportunity to bring the First National employees onto the United Valley team to ensure we continue to offer First National’s existing customers the same level of customer service they have enjoyed for years.”
Pete Haddeland, President and Chief Executive Officer of First National Bank Mahnomen Twin Valley, said of the transaction:
“First National is pleased to sell to United Valley Bank. The shareholders and Directors of Mahnomen Bancshares and First National have great confidence in the transaction, knowing that United Valley Bank will provide First National’s customers with the same level of personal service and expertise they currently enjoy following closing.”
United Valley Bank will have combined assets of approximately 350 million dollars and has offices in Cavalier, ND, Grand Forks, ND, Argyle, MN, Hallock, MN and Lancaster, MN.
Contact:
Tim Siegle
President and Chief Executive Officer
United Valley Bank
701-265-8331
tsiegle@uvbank.net
Pete Haddeland
President and Chief Executive Officer
First National Bank Mahnomen Twin Valley
218-935-5251
phaddeland@mahnomenbank.com