Arthur, N.D. (Mar 23, 2023) – First Financial Corporation, holding company of BankNorth announced today that it has agreed to terms for the purchase of HSB Financial Corp., the holding company of Harwood State Bank (HSB). Pending approval by the appropriate regulatory agencies, the transaction is expected to close later this summer.
Following the close of the transaction, HSB will continue to serve its customers at its branch in Harwood, N.D. BankNorth is headquartered in Arthur, N.D. and currently has ten branches in southeastern North Dakota and northeastern South Dakota.
“This purchase will be a great fit for both banks and our customers,” said BankNorth CEO James Williams III. “Both banks are family-owned and have a long history in the heart of prosperous agricultural and commercial areas. We also both employ a dedicated, energetic staff driven by a philosophy of taking great care of our customers and supporting rural communities.”
“This transaction has been many months in the making and, as I get to know the BankNorth team better, I continue to grow more and more confident that this is the right move to make for our customers, employees, and shareholders.” said Tom Stennes, President of HSB. “The shared values of commitment to customer and communities made the decision to enter into the agreement rather easy. The transaction will allow us to offer more products and services to our friends and neighbors while staying true to the values that have served us and our communities so well over the last 104 years.”
BankNorth has been serving consumer , business, and agriculture customers in rural communities for more than 115 years. The bank offers values-based banking products and services through its branches in Arthur, Buffalo, Casselton, Enderlin, LaMoure, Lisbon, Marion, and Oakes in North Dakota and Aberdeen and Warner in South Dakota. For more information, visit www.ibanknorth.com.