SOUTH DAKOTA FINANCIAL BANCORPORATION INC. TO ACQUIRE DAKOTA BANCORP, INC.
SIOUX FALLS, S.D., July 30 /PRNewswire/ -- South Dakota Financial Bancorporation Inc. announced that it acquired Dakota Bancorp, Inc. of Watertown, S.D., at the close of business today. Dakota Bancorp, Inc. owns First Federal Savings Bank of Watertown, which has assets of $146 million. First Federal Savings Bank has offices in Watertown, Sisseton, Britton, Milbank, and Clear Lake, S.D. At closing, First Federal Savings Bank converted to a state chartered commercial bank, and the name of the bank changed to Bank of South Dakota. Mark Pingrey was named president of Bank of South Dakota. He was formerly president of The Farmers and Mechanics Bank of Galesburg, Ill. South Dakota Financial Bancorporation Inc. also owns Tri County State Bank in Chamberlain, Farmers and Merchants Bank in Huron, Dakota State Bank of Milbank, and Marquette Bank of South Dakota, N.A. in Souix Falls. At the end of 1992, combined bank assets were $376 million. At the close of business today, South Dakota Financial Bancorporation Inc. reported combined bank assets of $522 million. -0- 7/30/93 /CONTACT: Mark Pingrey of South Dakota Financial Bancorporation 605-886-6966/
CO: South Dakota Financial Bancorporation Inc.; Dakota Bancorp, Inc. ST: Minnesota, South Dakota IN: FIN SU: TNM
DB -- MN017 -- 7996 07/30/93 18:21 EDT
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|Date:||Jul 30, 1993|
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