First Resource Bank Assumes the Deposits and Purchases the Assets of Patriot Bank Minnesota

Combined organization to strengthen service to customers via four locations

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Jan 27, 2012, 06:37 ET

SAVAGE, Minn., Jan. 27, 2012 /PRNewswire/ -- First Resource Bank today announced that it has purchased the assets and assumed all the deposits of Patriot Bank Minnesota from the Federal Deposit Insurance Corporation (FDIC), effective immediately. Patriot Bank Minnesota is a community bank with locations in Forest Lake and Lino Lakes.

The three Patriot Bank branches will open as First Resource branches on Saturday, Jan. 28th for business as usual. First Resource Bank representatives will be onsite at each location to answer questions.

"We welcome the Patriot Bank staff and look forward to serving Patriot Bank customers," said David Grandstrand, CEO, First Resource Bank. "In addition to knowing their deposits are secure and accessible, customers can continue to use their checks, ATM and debit cards and make payments."

With the transaction, First Resource Bank now has four branches and approximately $120 million in total assets.

"We believe community banks are essential to building healthy communities," said Grandstrand. "The integration of Patriot Bank's resources will grow our ability to provide customers with the products they need, delivered by experienced, knowledgeable staff and supported by effective technology. We look forward to building on our strong capital base to be a catalyst for growth on behalf of our customers, our organization and our communities."

Information about the acquisition is available on the FDIC's website, www.fdic.gov.

About Us

First Resource Bank is committed to developing our communities by being the first resource for financial success for individuals and small businesses. To fulfill this mission, we support local organizations with a shared commitment to the growth and well-being of our communities while striving to provide world-class products and services to our customers.

To learn more about First Resource Bank, visit www.firstresourcemn.com.

SOURCE First Resource Bank