Granite Bank Announces Acquisition of Maple Bank
Granite Bank, in Cold Spring, MN, announced today that it has entered into an agreement to acquire Maple
Bank, headquartered in Champlin, MN. Maple Bank is a single-location community bank founded in 2003,
with assets totaling approximately $95 million. Upon closing of the transaction, Granite Bank will have
approximately $240 million in assets.
Gerald Reiter, President & CEO of Granite Bank, commented, “We are proud to be acquiring Maple Bank,
and have long admired the job that Maple Bank and their bankers have done serving the small business
community. It is an exciting opportunity to serve customers in the Northwest Metro of the Twin Cities, and
we look forward to expanding on the relationship-based style of banking they’re accustomed to.” Reiter
further added, “This partnership will bring additional banking opportunities to both organizations and
communities they serve, making them stronger together.”
Brian Borgerding, CEO of Maple Bank, added, “We’re very excited about what this partnership will bring to
our customers, employees, and the communities we serve. Granite Bank has an outstanding reputation in
Central Minnesota, and we know they’ll continue the tradition of supporting our local community and
This transaction would expand Granite Bank into the Twin Cities Metro for the first time. Subject to
regulatory approval and other closing conditions, the acquisition is anticipated to close in the beginning of
the 3rd quarter in 2022.
About Granite Bank:
Granite Bank is a family-owned community bank that primarily serves Central Minnesota, with banking
relationships throughout the state. Granite Bank is headquartered in Cold Spring and has a Loan
Production Office in Spicer; it has approximately $145 million in assets. Founded in 1902 and led by Gerald
Reiter, Granite Bank has remained committed to providing excellent personal service with the latest in
banking technology and can be found online at granitesavingsbank.com.
About Maple Bank:
Maple Bank was chartered in 2003 in Champlin, MN, has approximately $95 million in assets, and serves
the communities of Champlin, Maple Grove, and surrounding areas. The bank has a strong reputation of
being a dedicated community bank that strives to serve the needs of its valued customer base.
In connection with the transaction, Barack Ferrazzano Kirschbaum & Nagelberg LLP served as Granite
Bank’s legal counsel. Clifton Larson Allen LLP served as financial advisor to Maple Bank and Fredrikson &
Byron, P.A. as Maple Bank’s legal counsel.