Lakeside Bank plans to merge with Cornerstone
Lakeside Bank Holding Company, New Town, and Cornerstone Holding Company of Fargo announced a definitive merger agreement, which will take effect in late 2014 or early 2015, subject to regulatory approval. The merged entity will operate under the name Cornerstone Bank.
This merger brings together the assets and expertise of two community-based financial institutions, allowing the new organization to provide a more expansive product offering to their customers while staying true to their mission of providing accessible financial know-how.
Lakeside Bank Holding Company was established in 1952. Lakeside operates as Lakeside State Bank in four North Dakota locations including New Town, Parshall, Makoti, and Plaza. The Petersen family of New Town purchased controlling interest in Lakeside State Bank in 1968. The Petersen family also owns McKenzie County Bank in Watford City, established in 1982. As of March 31,, Lakeside State Bank had $374.2 million in assets and McKenzie County Bank had $141.4 million in assets.
Cornerstone Holding Company was established in 2006 following the purchase of Citizen State Bank of Enderlin. Cornerstone Bank is headquartered in Fargo and offers six North Dakota locations including two in Fargo, two in Bismarck, and mortgage loan production offices in Minot and Grand Forks. As of March 31, Cornerstone Bank had $238.2 million in assets.