First American Bank of Hudson Applies for Merger with Great Northern Bank

First American Bank announced today that it has entered into an agreement to merge Great Northern Bank of St. Michael, Minn. into First American Bank.

First American Bank is currently in the process of obtaining federal regulatory approval of the transaction and anticipates the merger transaction will close in the third quarter.

The deal would merge Great Northern Bank of St. Michael into First American Bank. The application has not yet been accepted by the Office of the Comptroller of the Currency.

According to a news release from First American Bank:

“The Board and Management of First American are excited about the opportunities the merger will create. Over the last several years, the regulatory burden on banks has become cumbersome—a larger bank can better handle that burden.

The merged entity, because of its larger size, will also have the ability to make larger, more complex loans and will continue to offer products on the cutting edge of technology.

First American Bank is a locally owned independent bank with its only location in Hudson.

It was chartered in Hudson in 2007 and has grown steadily to its current size of $90 million plus in assets.

It is the second largest bank in Hudson by deposit size, having achieved that distinction in 2010.  The Bank’s Board and Management feel that the merger of Great Northern Bank is an excellent decision because the success of both banks has been driven by a focus on strong, personal customer service and doing what is best for the community.

First American Bank looks forward to a continued strong relationship with businesses and consumers in the Hudson area.”              

Check back for more information about the merger as it is made available.