Minnwest Bank, which has branches in Marshall, Tracy and Slayton, announced this week plans to merge with Roundbank.

According to a press release, the two banks signed the agreement to merge. Completion of the transaction, which is currently expected to occur by the end year, is contingent upon regulatory approval.

Founded in 1987, Minnwest Bank is a family-owned bank with 32 branches throughout Minnesota and South Dakota, with $2.27 billion in assets.

Roundbank, originally chartered in 1881, is part of the Claire Erickson family of businesses. The holding company for Roundbank is Waseca Bancshares. The bank was purchased from First Bank System (now known as U.S. Bank) by the Erickson family and local directors and management group in 1987.  Roundbank currently has four branches in Waseca, New Prague, Waldorf, and Farmington.

“Merging Minnwest Bank with Roundbank presents an exciting opportunity for Minnwest to expand its geographic footprint and customer reach, as well as become more sophisticated with our mortgage and consumer lending services, Douglas Karsky, President of Minnwest Bank, said. ” Not only are there business benefits to merging, but there are synergies between Roundbank and Minnwest culturally as well. Through this process, our ultimate goal is to make this transition as smooth and as transparent as possible to staff and customers.”

“We are excited about the merger with Minnwest Bank, as they share our values and commitment to employees, customers, and communities they serve. They have an extremely strong agricultural focus and this together with their desire to expand mortgage and retail services, will provide significant opportunity to Roundbank employees,” said Larry Thompson, President of Roundbank.