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M&A: First Western Announces Purchase of State Bank of Lismore

Plus: WaFd and Luther Burbank have extended the deadline to complete their merger

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  • Written by  Banking Exchange staff
M&A: First Western Announces Purchase of State Bank of Lismore

First Western Bank & Trust has announced it will purchase the State Bank of Lismore.

Upon completion of the transaction, State Bank of Lismore will become First Western Bank & Trust.

With the addition of the State Bank of Lismore, First Western Bank & Trust will have assets of nearly $2.2 billion. The combined banks will also have more than 330 employees in 13 communities across North Dakota, Minnesota, and South Dakota.

The conversion is expected to be completed in Spring 2024.

Additionally, CB Financial Services, Inc., the holding company of Community Bank, has agreed to sell its insurance agency subsidiary, Exchange Underwriters, to World Insurance Associates for a $30.5 million cash purchase price, plus possible additional revenue-based earn-out payments.

Current leadership and direct employees of Exchange Underwriters are expected to join World Insurance Associates.

The purchase price represents approximately 5.11x LTM insurance agency revenue and approximately 26.08x September 30, 2023, LTM insurance agency earnings.

The net gain of the sale, on an after-tax basis, is expected to be approximately $16.4 million.

The transaction is expected to be completed in Q4 of 2023.

Elsewhere, Washington Federal Bank and Luther Burbank Corporation have extended the deadline to complete a merger the banks announced back in 2022. The expiration date was originally set as November 30 and has been extended to February 29, 2024.

The $22.5 billion asset WaFd agreed in November 2022 to buy the $8.1 billion asset Luther Burbank for $654 million. Both banks received shareholder approval for the merger in May 2023.

The deal has yet to be approved by the Federal Reserve and the FDIC.

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