CorTrust Bank, N.A. has agreed to acquire Blaine State Bank, located at 10107 University Ave. N.E., in Blaine.
The purchase is expected to be completed in the first quarter of 2013, pending regulatory approvals.
Established in 1930, CorTrust Bank has $656 million in assets with 23 locations in South Dakota and Minnesota. Blaine State Bank is a Minnesota state chartered bank that was established in 1972 and has assets of nearly $36 million.
CorTrust Bank is a five-star rated national bank, according to Bauer Financial. It was founded in Artesian, S.D., nearly 85 years ago.
President and Chief Executive Officer Jack Hopkins said Blaine State Bank is an exciting addition to CorTrust Bank’s growth in Minnesota.
The bank is looking forward to serving the people of Blaine and the surrounding communities with the same standard of great community banking they have grown accustomed to with Blaine State Bank, according to Hopkins.