Boundary Waters Bank has signed a definitive agreement to be purchased by Highland Bank, pending regulatory approval.
Olsen Palmer LLC served as financial advisor to Boundary Waters Bank.
Boundary Waters Bank, chartered in 1999, has offices in Ely, Woodbury, and Blaine, Minnesota and had total assets of approximately $115 million as of June 30, 2022.
Founded in 1943, Highland Bank is an independent, privately held bank serving the communities of St. Michael, Maple Grove, Minnetonka, Bloomington, and St. Paul that had total assets of approximately $630 million as of June 30, 2022. With the addition of the three Boundary Waters Bank branches, Highland Bank will operate eight locations in Minnesota and hold approximately $750 million in assets.
Olsen Palmer remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions the firm has advised upon over the last three years.