August 6, 2018

[Press Release] CorTrust Bank Finalizes Acquisition of State Bank of Delano

Press Release

CorTrust Bank, N.A. announced on August 3, 2018, that the previously publicized acquisition with State Bank of Delano was completed. This brings the number of Minnesota CorTrust Bank locations to four, along with twenty-two locations in South Dakota.

The acquisition was first announced on May 4, and brings together two family-owned community banks with a collective 198 years of serving customers. Jack Hopkins, President and CEO of CorTrust Bank, expressed the value of having a local community bank meeting the needs of customers personally and along main street. "We look forward to being a leader in the Delano community as it continues to see record growth, and its businesses and the community prosper," he stated.

Customers can expect the same standard of community banking for which they have grown accustomed, and will now have access to bank enhancements such as local mortgage servicing, a broader range of expanded products, a travel club, and expanded lending capacities.

Jay Gikas, CorTrust Bank Market President in Minnesota, spoke of Community Bankers unwavering belief in the impact of banking locally and how it contributes to the pulse of a community. "We honor our communities by knowing our customers, understanding their financial needs, and embracing local businesses," said Gikas.

CorTrust Bank offers the services and products of larger financial institutions but without the bureaucracy. "Our lending decisions are made locally and the merge allows the talent of both State Bank of Delano and CorTrust Bank to create an even stronger community bank. We look forward to continuing the tradition of exceptional customer service while adding financial solutions that meet the needs of today's consumers," said Hopkins.

About CorTrust Bank

Since 1930, CorTrust Bank has served the needs of individuals and businesses throughout 16 South Dakota communities, and 4 Minnesota communities, with 26 branch locations. What started as a small operation serving the needs of local farming families in Artesian, SD, has today grown into a third-generation family-owned community bank with over $875 million in assets, and $98 million in equity and reserves.

CorTrust Bank - raise your expectations.