Choice Financial announces partnership with Twin Cities-based Venture Bank
Choice Financial is pleased to announce that pending regulatory approval, it has entered into an agreement to acquire Venture Bank, a bank specializing in business banking with four locations in the Minneapolis area including Bloomington, Golden Valley, Eagan and Roseville. This acquisition will mark Choice Financial’s first expansion into the Twin Cities market and the combined banks will have approximately $2 billion in total assets.
“It’s such a unique opportunity to be able to partner with an organization that in so many ways is similar to our own. From our shared PeopleFirst approach that focuses on partnering with local businesses to our belief in employee-centric values that better the places we live,” says Brian L. Johnson, CEO at Choice Financial. “In addition to our cultural alignments, we have similar performance records as strong and fast-growing community banks, and we share a vision for growth and financial strength.”
“We are proud that funding for this acquisition will come from local investors and that they share our vision for growth.”
Choice Financial is also pleased to announce that it has secured commitments for over $100 million in capital locally to help finance the transaction. “We continue to be committed to North Dakota and the communities we serve,” says Johnson. “We are proud that funding for this acquisition will come from local investors and that they share our vision for growth. Our PeopleFirst values will continue to drive our decisions and how we treat people in every location we serve.”
The acquisition is expected to be finalized in Q3 2018 with Venture Bank officially becoming Choice Financial in Fall 2018.
About Choice Financial
Founded in 2001, Choice Financial is a PeopleFirst financial services organization that remains locally owned and built around long-term customer relationships, well-rounded products and services, and authentic community banking. Choice has received industry recognition as American Banker Magazine’s ‘Best Places to Work’, Independent Banker Magazine’s ‘Top 50 Fastest Growing U.S. Banks in the last 20 Years’, and recognized by S&P Global as a top-performing U.S. community bank in their asset category.
Read our full history here.
About Venture Bank
Venture Bank is a high performing, high growth bank that has partnered with over 5,000 local businesses. Founded in 2001 with the opening of their first location in Bloomington, MN, they are known for working with small to medium-sized businesses and have built a tremendous reputation in the Minneapolis market in a short period of time. Venture has received industry recognition as Star Tribune’s ‘Top 150 Workplaces,’ was ranked on MSP Business Journal’s ‘Fast 50’ as one of Minnesota’s fastest-growing private companies, and recognized by S&P Global as a top-performing U.S. community bank in their asset category.
Learn more about Venture Bank
How We’re Similar
- Financially strong community banks, whose success was built by focusing on growing area businesses. Both Venture Bank and Choice Financial were recognized by S&P as a ‘Best Performing Community Bank in the U.S.’ for their respective asset category.
- Nurtures driven, passionate and knowledgeable team members who put the customer first. Both Venture and Choice have been recognized as a ‘Fastest Growing Bank’ by regional and national publications.
- Similar focus on community growth through volunteer opportunities, donations, and civic involvement. Both Venture and Choice have been recognized by local non-profits for outstanding volunteerism and fundraising accomplishments.
- Employee-centric culture of empowered team members whose customer service attributes are driven by core values. Both Venture and Choice have been recognized as a ‘Best Places to Work’ in various market and industry publications.
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