Frandsen Financial Corporation (FFC) announced that the operations of three banks that it owns, Northern National Bank (NNB), Community Bank of the Red River Valley (CBRRV), and Frandsen Bank & Trust (FB&T), will be consolidated under a single FDIC bank charter as of Oct. 19, 2009.
As a function of this consolidation, NNB and CBRRV will both re-brand themselves as Frandsen Bank & Trust (FB&T). Northern National Bank has locations in Nisswa, Crosslake and Baxter.
Frandsen Financial purchased Northern National Bank in 2008.
"Following the consolidation and name change, our hometown customers will find very little change, as has been the case since NNB was acquired by FFC in May of 2008," said NNB President James Kraft.
"Banks re-branded to operate under the Frandsen Bank & Trust charter will also continue to function as local, independent community banks that exercise local decision-making control and honor their longstanding commitments to their communities," says FFC Executive Vice President and CAO Charles Mausbach.
"The only real change will be a new name - Frandsen Bank & Trust - and a lot more options for our customers," said Kraft. "Following the consolidation, for example, our customers will enjoy the convenience of an expanded financial network of 20 full-service bank branches located throughout Minnesota and North Dakota."
