CorTrust Bank Merger
On May 24, 2019, First Minnesota Bank reached an agreement to merge into CorTrust Bank. This page will contain all available information for customers regarding the merger.
We invite you to bookmark this page and visit periodically for new announcements, updated answers in the FAQs section, and other important announcements.
CorTrust Bank Press Release
For a copy of the CorTrust Bank press release, please click here.
First Minnesota Bank Letter to Customers
For a copy of the First Minnesota Bank letter to all customers, please click here.
Frequently Asked Questions (FAQs)
Question: Was the bank sold?
Answer: Yes, First Minnesota Bank is being merged into CorTrust Bank.
Question: Who is CorTrust Bank?
Answer: CorTrust Bank is an 85 year-old community bank with 26 locations, 22 in SD and 4 currently in MN (Blaine, Brooklyn Park, Delano and Woodbury) and $874 million in assets. They have a strong community focus similar to us. You can learn more about them at cortrustbank.com.
Question: Why was the bank sold?
Answer: Due to regulatory changes, technology costs and competition, our owners felt it was the right time, and they found the right partner to continue our community bank focus for the future.
Question: Are any of your branches closing?
Answer: No, all existing First Minnesota Bank branches will be converted to CorTrust Bank branches when the sale is complete.
Question: When will this sale be complete?
Answer: We anticipate prior to year-end, but we will be sending you numerous communications in advance to explain the timing so you are fully informed.
Question: Will my account number(s) change?
Answer: No, but we will certainly communicate any changes with you with plenty of notice and assistance to make the change.
Question: Will you offer different products?
Answer: We expect to combine our product offerings and we will be able to offer some additional services that we don’t have now such as trust and wealth management.
Question: Will my accounts person change?
Answer: We expect our staff to remain the same, and we’re looking forward to continuing to provide you the same great service you’ve come to know and expect from us.
Question: Can I complete transactions on my First Minnesota Bank accounts at a CorTrust Bank branch now?
Answer: No, customers will not be able to complete transactions on their First Minnesota Bank accounts at any CorTrust Bank branch until all accounts are converted onto CorTrust Bank's system this fall.