Local investors have acquired Bloomington-based MidCountry Bank from a bank holding company in Macon, Ga.
The seller, MidCountry Financial Corp., also owns consumer-banking operation Pioneer Services, which is part of the purchase by MidCountry Acquisition Corp. Terms of the deal and details on the local investors were not disclosed.
"This is a tremendous opportunity, and we are extremely excited about the potential this new Minnesota-based ownership group will provide for our customers, and our team members, going forward," said Steve Meads, president and CEO of MidCountry Bank, in a news release. "We will now have a committed source of local capital and flexibility to pursue investments that further enhance our customer experience, with added local relationships also allowing us to grow both our market visibility and awareness."
MidCountry Bank has about 200 employees in 15 full-service branch offices; one office is in Las Vegas and the rest are in Minnesota. MidCountry has $775 million in assets and offers banking services through subsidiaries including MidCountry Investments, MidCountry Insurance, and MidCountry Mortgage.
Pioneer Services is an 85-year-old financial services firm that since 1986 has focused on serving active and retired members of the military.
Customers will not notice many changes, Meads said. MidCountry Bank will retain its name, management team and existing operations and systems after the transaction closes.
The Georgia-based seller, MidCountry Financial, will continue to operate Heights Finance Corp., a wholly owned subsidiary that provides subprime consumer lending services through a network of 100 branches in small- to medium-size communities in Illinois, Indiana, Kentucky, Missouri, Tennessee and Wisconsin.
The deal is subject to regulatory approvals and is expected to close in the fourth quarter of 2018.
Patrick Kennedy • 612-673-7926