Park State Bank buying Pioneer National Bank
Park State Bank and Pioneer National Bank are merging, bringing together two long-standing Duluth institutions under the Park State banner.
“Joining forces with Park State Bank will allow us to be more competitive in the marketplace, expand our lending limit and offer additional tech services,” Pioneer National Bank President Bud Baker said in a news release Thursday. “It also ensures that our customers will continue to receive the high-touch customer service they are accustomed to while working with familiar Pioneer National Bank employees.”
With the purchase, Park State Bank will pick up Pioneer’s three offices in Duluth and have a total of four locations here and one in Minneapolis.
“We are thankful the Peyton family chose our organization to carry on the legacy of Pioneer National Bank,” said Park Financial Group Chairman David Saber, referring to the family who has owned Pioneer for more than a century. “This merger further expands the bank’s presence in Duluth, strengthens our ability to compete in the Twin Cities, and is a natural extension of our franchise.”
The purchase is subject to regulatory approval and is expected to be complete in early 2018, with “current management and employees” expected to stay on, according to the news release.
Pioneer National Bank traces its roots to 1857 and was chartered as Citizen’s State Bank of West Duluth in 1912 before nationalizing as Pioneer in 1927. Park State Bank was founded in 1916.