- Associated Press - Sunday, February 28, 2016

PIERRE, S.D. (AP) - Pierre-based BankWest could hit $1 billion in assets later this year if regulators approve a $113 million merger.

The Capital Journal reports (https://bit.ly/1oKpu5q ) that the merger between the 127-year-old BankWest and First State Bank was announced Feb. 22.

First State Bank has branches in Armour, Delmont, Tripp and Geddes, which will be rebranded under the BankWest banner.

BankWest President and CEO Charles Burke III says the merger brings BankWest a really good organization with great people. BankWest will add First State Bank’s roughly $113 million in assets to its $915 million portfolio.

Burke says it’s not the size of the bank but the level of service it provides.

The merger will still need to be approved by the FDIC, the Federal Reserve and the South Dakota Division of Banking.

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Information from: Pierre Capital Journal, https://www.capjournal.com


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