NEWS

State Bank of Tower to be Acquired by Frandsen Financial

Tower Bancshares, Inc. of Tower, MN has announced an agreement has been signed for it and it's sole operating subsidiary, the State Bank of Tower, to be purchased by Frandsen Financial Corporation of Arden Hills, MN.  The State Bank of Tower has total assets of $60 million and offices in Tower, Cloquet, and Carlton, Minnesota.  The sale is expected to be completed by June 2008 following bank regulatory approval.

Northern National Bank to be Acquired by Frandsen Financial

Frandsen Financial Corporation has reached an agreement to purchase Northern National Bank from Anderson Financial Group of Wayzata, MN.  Northern National has offices in Baxter, Brainerd, Crosslake and Nisswa.  The sale is expected to be completed by May, 2008.

Anderson Financial Group, a real estate development, banking, and investment firm, was established in 1997 by Founder and CEO Andy Anderson.  In just 11 years, Anderson built Northern National Bank from assets of $10 million to approximately $140 million today.  According to Anderson, "The sale will enable Northern National Bank to build on its financial strength in the community, procuring the future growth of the bank and it's customers".

Frandsen Financial to Purchase First National Bank of Montgomery

Frandsen Financial Corporation, owners of Frandsen Bank & Trust in Montgomery, has reached an agreement to purchase the First National Bank of Montgomery.  The change in ownership is expected to be completed in April 2008.

According to Dan Hardel, Montgomery market president of Frandsen Bank & Trust, "Following the purchase, we plan to merge both banks and operate as a single entity that will be located in the First National Bank of Montgomery building at 120 First Street South.  This is a wonderful facility that will serve our existing and new customers very well".

Ralph Hendrickson, First National Bank President said, "We see the Frandsen purchase as a way to make our great bank even better for our customers, our employees, and our community".

Jim Holle appointed president of Valley Bank Minnesota

Jim Holle has been appointed  president of Valley Bank Minnesota (Jordan), effective April 30, 2007.  Prior to joinging Valley Bank Minnesota in 2005, Holle served as president of Security State Bank of Fergus Falls.  He is currently the vice president of the Jordan Commercial Club and an active member of the Chamber of Commerce.    

Richard Kuzel to retire from First National Bank of Pine City after 27 years

Richard Kuzel, President of the First National Bank of Pine City, has announced his retirement from the bank after 27 years of service.  When asked to reflect on his career, Kuzel stated, "I'd like to thank the past and present Board of Directors and owners for giving me the opportunity to make a career out of something I really enjoy.  Most importantly, I would like to thank the past and present employees that I have worked with.  I could not have asked for a more dedicated and talented staff.  I feel the First National Bank and their employees have been like a second home and second family."

Corey Berube appointed as the new president of First National Bank of Pine City

Corey Berube will be replacing Richard Kuzel as the President of First National Bank of Pine City.  Berube is currently the President of the Bank of the West office in Little Falls, MN, and is looking forward to relocating to the Pine City area.  Berube said, "I'm very excited about the opportunity here at First National."  Berube has been active in several community groups in Little Falls, and looks forward to doing the same in Pine City.

Jeff Lee appointed as the new President of Queen City Federal

Kevin Pietrini, Chairman of the Board at Queen City Federal, announced that Jeff Lee has been appointed as the President of Queen City Federal in Virginia, MN.  Lee officially joined the bank on April 2, 2007.  Pietrini stated, "We are very pleased to have Jeff join our team  Jeff has strong ties to the Range and is a true community-based banker.  He will be a great asset to our bank and to the community."

Lee will be replacing Dan Schutz, who is leaving Queen City Federal after 23 years.  Dan said, "I have had a great career here at Queen City.  Our staff, board members and ownership group have been great to work with."  Chairman Pietrinin stated, "I have the highest regard for Dan, who has been my colleague for over 20 years.  Dan's competence, leadership and integrity have played a pivotal role in the success of Queen City.  We wish him all the best."

Frandsen Financial Completes Purchase of First National Bank of Pine City

Frandsen Financial Corporation completed the purchase of the First National Bank of Pine City on December 27, 2006. 

Dick Kuzel , First National Bank President, stated that, “We are extremely excited to become part of the Frandsen Financial organization.  By becoming a part of the Frandsen organization, First National will have a tremendous amount of financial firepower as well as the state-of-the-art technological resources for us to provide quality service to our customers”.

Kuzel added. “Bank customers will continue to be served by our current officers and staff, and are unlikely to notice much change in their daily contact with the bank. Frandsen and First National Bank share the most important goal, and that is to offer all of our customers the very finest financial products anywhere and to provide solutions for their financial needs.”

Frandsen Financial purchases Virginia, MN bank  

On October 13, 2005, Frandsen Financial Corporation purchased Queen City Federal Bank.  Queen City Federal has offices in Virginia, MN and Ely, MN.  Frandsen Financial now serves 24 communities in Minnesota, North Dakota and Wisconsin. 

Kevin Pietrini, Queen City Federal President, explained that,  "By becoming part of the Frandsen Financial organizational, Queen City Federal will have access to a tremendous amount of financial and technological resources that will help keep us competitive for our customers today and for years to come".

Local bank customers are unlikely to notice any difference as a result of the Frandsen purchase, said Pietrini. "Bank customers will continue to be served by our current officers and staff, and are unlikely to notice much change in their daily contact with Queen City employees. He continued, "Frandsen does offer us some of the most state-of-the-art products and services that will only help us to enhance the financial well-being of our retail and business customers.  Above all else, Frandsen and Queen City Federal share the most important goal, and that is to help ensure that we maintain our commitment to delivering quality personal service to our customers, 24 hours a day, 7 days a week."