Cornerstone sells four sites in N.D.Cornerstone Bank has agreed to sell its locations in Enderlin, Fort Ransom, Lisbon and Sheldon in North Dakota to First State Bank of North Dakota.
By: Forum Communications Co. Report , The Jamestown Sun
Cornerstone Bank has agreed to sell its locations in Enderlin, Fort Ransom, Lisbon and Sheldon in North Dakota to First State Bank of North Dakota.
The sale agreement, which the two parties announced this week in a joint news release, still needs regulatory approval.
Cornerstone Bank Chairman and CEO Dennis White said the change in ownership will allow Cornerstone to concentrate its efforts on its Fargo and Bismarck markets.
Cornerstone recently asked the state Department of Financial Institutions for permission to transfer its charter from Enderlin to Fargo in order to proceed with the sale. The State Banking Board must approve the transfer and will likely act on the application during its next regular meeting on Sept. 9, DFI Commissioner Tim Karsky told The Forum last month.
The Forum of Fargo-
Moorhead is owned by Forum Communications Co.