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State Bank & Trust buys BNC Bank

State Bank & Trust of  Kenmare has purchased the Kenmare branch BNC Bank, pending regulatory approval.

9/08/17 (Fri)

Sold . . . The building and customer deposits of the BNC branch bank in Kenmare have been sold to State Bank & Trust of Kenmare, pending regulatory approval. After the sale is completed, the bank will operate as a drive-up, walk-in facility under the State Bank & Trust of Kenmare name.

By Terry Froseth

State Bank & Trust of  Kenmare has purchased the Kenmare branch BNC Bank, pending regulatory approval.

Other than a change of name on the BNC Bank building, “People shouldn’t notice much difference from previously,” said State Bank & Trust of Kenmare president Jim Jorgenson.

“We purchased the assets and liabilities.” The Kenmare building and contents are the assets and the Kenmare customer deposits are the liabilities, Jorgenson said.

He added that the former BNC branch will continue to operate in the same location, with the same employees.

“The three employees have agreed to stay on,” Jorgenson said.

State Bank & Trust of Kenmare customers will gain the convenience of a drive-up or walk-in facility, along with the extended hours of business at the former BNC location.

Charlene Ankenbauer of SB&TK said it is expected regulatory approval from the FDIC, Federal Reserve, and the State Banking Department for the sale should happen by Dec. 8.

After that date, the name on the BNC Bank building will change to State Bank & Trust of Kenmare. It will operate as a locally owned, independent, full service community bank.

Customers may conduct their transactions at both locations at their convenience.