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Community Bank of Chaska and Chanhassen announced today it has formed a partnership with Charter Bank Eau Claire to create a new and unique alliance of independently-run community banks through a merger of their parent companies, Peregrine Corporation and Charter Bankshares, Inc. Community Bank will remain as an independently-chartered bank in Chaska and Chanhassen MN, while gaining the resource of a larger financial organization with combined assets of more than $630 million.
Peregrine Corporation, Chaska, the parent company of Community Bank of Chaska and Chanhassen, with $140 million in assets, will merge with Charter Bankshares, Inc. of Eau Claire, Wisconsin, the parent company of Charter Bank Eau Claire with $490 million in assets. The action is subject to shareholder and regulatory approval. Terms were not disclosed.
Dean M. Olson, president and CEO of Charter Bank Eau Claire said the combination is an affirmation of both banks’ commitment to community banking. “We believe that community banking is not only a positive force for our communities, but an excellent business opportunity” said Olson. “This alliance allows Charter Bank Eau Claire and Community Bank to draw on one another’s financial and organizational resources to better serve the bank needs of the growing communities we serve.”
For more information, please contact Dean Olson at 715-832-4254.
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