Northern National Bank, with offices in Baxter, Brainerd, Crosslake and Nisswa, could have a new owner by spring.
Anderson Financial Group of Wayzata Friday announced it signed an agreement to sell the bank to Frandsen Financial Corp. of Arden Hills. The sale is expected to be finalized by May.
"We're excited about the ownership transition and the great community banking fit with Frandsen Financial group," said Jim Kraft, Northern National Bank president in Baxter. "The strength of the combined organization and the great team of bankers that's been built at Northern will allow the bank to continue its growth and our dedication to exceptional personal service in the lakes area."
Andy Anderson, founder and chief executive officer, started Anderson Financial Group in 1997 as a combination real estate development, banking and investment firm. Anderson Financial Group reports that it intends to continue operating in the Brainerd lakes area.
Anderson Financial Group owns several developments and holdings, including the Baxter Village retail center along Highway 371 that includes Famous Dave's, Tumbleroos, Among the Pines and Morey's. Baxter Village completed a second phase expansion of the retail shopping center in late 2007. The first phase was completed in 2005.
Anderson said in a news release the sale will enable Northern National Bank to build on its financial strength in the community "procuring the future growth of the bank and its customers."
Anderson Financial Group reports agreement is a good fit because the organizations share similar operating principles and philosophies.
"FFC has a well-earned reputation as a unique, innovative organization that values honesty, fairness and accountability," Anderson Financial Group reported in a news release. "Frandsen's successful strategy has concentrated on acquiring high-performing, high-quality community banks and operating them in a true community environment, providing state-of-the-art products and services that value and foster long-term customer relationships."
Frandsen Financial Corp. is an interstate multi-bank holding company. The company was founded in 1982 by entrepreneur Dennis Frandsen. The corporation operates full-service community banks in Minnesota, Wisconsin and North Dakota and currently owns more than 30 offices representing holdings of more than $1.2 billion.
Frandsen Bank & Trust, Frandsen's investment management and trust department, represents added assets of $180 million to the corporation, the bank reported.
Anderson Financial Group reports in 11 years, Anderson built Northern National Bank with starting assets of $10 million to about $140 million, to date.
RENEE RICHARDSON may be reached at email@example.com or 855-5852.
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