BISMARCK, ND, December 30, 2020 / PRNewswire / – Coulee Bank and BNCCORP, INC. (OTCQX Markets: BNCC) announced today that they have signed a definitive agreement allowing Coulee Bank to acquire certain loans and deposits from the Golden Valley, Minnesota, branch of BNC Banque Nationale, a wholly-owned subsidiary of BNCC. Coulee Bank will service loans and deposits on its Saint-Paul, Minnesota, Office.

Golden valley provides an excellent opportunity to expand Coulee Bank’s client base and meet the ever-changing financial needs of our clients today and future clients of tomorrow. This will be Coulee Bank’s second banking acquisition in Minnesota and the first since 2010 when he acquired $ 54 million in assets and a bank location at Minnesota,” mentionned Dirk R. Gasterland, CEO of Coulee Bank.

President of BNCC Michael vekich stated: “This transaction and the subsequent closing of our Golden valley branch, will allow our leadership group and talented and dedicated employee base to focus on delivering the best possible services, products and solutions to our customers and communities in our core geographic markets in North Dakota and Arizona. The operation is the result of the board’s strategic planning process and focuses on improving execution, business and financial performance, advancing strategic priorities, and maintaining safe and sound organizational practices. in a volatile economic environment while generating sustainable value for shareholders. “

The transaction is expected to involve approximately $ 16.5 million in deposits and $ 17.2 million in loans based on BNCC’s balance sheet as at September 30, 2020.

It is expected to be completed in the second quarter of 2021, subject to customary closing conditions, including regulatory approval. Terms of the final deal were not disclosed.

Coulee Bank is a private bank with seven banking institutions located in Minnesota and Wisconsin. From September 30, 2020, Coulee Bank had assets of $ 434.8 million, deposits of $ 333.7 million, loans from $ 351 million and 80 employees.

BNCCORP, INC., Headquartered at Bismarck, ND, is a registered banking holding company dedicated to providing banking and wealth management services to businesses and consumers in its local markets. The Company operates community banking and wealth management activities in North Dakota, Arizona, and Minnesota from 13 locations. BNC also performs mortgage banking from 11 sites in Illinois, Kansas, Missouri, Michigan, Arizona, and North Dakota.

This press release contains forward-looking statements regarding our expectations with regard to the proposed acquisition by Coulee Bank of certain loans and deposits from BNC Banque Nationale Golden valley branch and the subsequent closure of that branch.

Forward-looking statements are necessarily subject to many assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. The forward-looking statements contained in this press release speak only as of the date of this press release, and we do not assume any obligation or undertake to update them. Actual results or future events could differ, possibly materially, from those we had anticipated in these forward-looking statements. Therefore, we do not recommend that you place undue reliance on any forward-looking statement.

The forward-looking statements contained in this press release are subject to risks and uncertainties relating both to the acquisition transaction itself and to the closing of BNC Banque Nationale. Golden Valley branch, including that completion of the transaction is contingent on the satisfaction of customary closing conditions and regulatory approval, and that the closing of Golden valley The branch is also subject to regulatory approval, none of which can be guaranteed. The timing of the transaction depends on various factors which cannot be predicted with precision at this time.