Please take a few minutes to read these Frequently Asked Questions.
To Depositors and Creditors of Nicollet County Bank:
Welcome to Pioneer Bank! Pioneer Bank is bringing bright banking to Nicollet County Bank, the community of St. Peter and the surrounding area. Pioneer Bank is more than just any old bank—we’re dedicated to being the leading financial institution for the communities we serve. From Lewisville to Madelia, Mankato, Mapleton, North Mankato, St. James and a loan production office in Lake Crystal, we’re going above and beyond to offer a better banking experience.
Our customers and our communities are at the heart of everything we do. Personalized customer service is delivered by employees who are fellow community members, committed to excellence. It’s truly a consolidated effort to provide our customers with the experience they deserve. Our experience and commitment are unmatched, powered by our drive and dedication to finding you customized solutions and valuable tools to make life easier. We are invested in you and our communities and are here to offer St. Peter bright banking for the speed of life.
This notification is to advise you that on April 30, 2019, Citizens Bank Group, Inc., St. James, Minnesota acquired by stock purchase 100 percent of the shares of Nicollet County Bank, located at 220 South Third Street, St. Peter, Minnesota, 56082. Citizens Bank Group, Inc. is the parent company that owns 100 percent of Pioneer Bank, Mapleton, Minnesota. Under the ownership of Citizens Bank Group, Inc., Nicollet County Bank has been operated independently as Nicollet County Bank and this will continue through August 25, 2019. On August 26, 2019, Nicollet County Bank will be merged into Pioneer Bank and Pioneer Bank will establish the Nicollet County Bank, St. Peter location, as a detached facility at 220 South Third Street, St. Peter, Minnesota, 56082. As a result of this transaction, your account(s) at Nicollet County Bank will automatically become accounts at Pioneer Bank on August 26, 2019. There is no action that you as a customer will need to take for your accounts to become part of Pioneer Bank on August 26, 2019.
As you may be aware, FDIC insurance generally covers a depositor’s account in any bank up to $250,000. Therefore, if, as a result of the transaction, you will have funds on deposit at Pioneer Bank in excess of $250,000, you should pay particular attention to this paragraph. In accordance with Section 8(q) of the Federal Deposit Insurance Act, in a transaction such as this, where the deposits of one financial institution are transferred to another financial institution, separate insurance on the transferred deposits will continue for six months after the date of transfer (February 26, 2020) or, in the case of time deposits, the earliest maturity date after the expiration of the six month period. In other words, if the transfer of deposits from Nicollet County Bank to Pioneer Bank causes your deposits at Pioneer Bank to exceed $250,000, your excess deposits will be insured by the FDIC for six months from the date the transaction takes effect, or, in the case of time deposits, the earliest maturity date after the six month period. Please contact one of our officers if your deposits at Pioneer Bank will exceed $250,000 as a result of the transaction or if you have any questions.
Soon the office of Nicollet County Bank will become a branch of Pioneer Bank. So there is no confusion over this change, we have assembled and answered a few questions you may have. Please take a few minutes to read the Frequently Asked Questions.
Pioneer Bank is excited about joining forces with Nicollet County Bank. You are currently a customer of a high quality organization and we are looking forward to providing the same high level of service to the customers of Nicollet County Bank and to new customers in St. Peter and surrounding communities. We will make the same dedicated and passionate commitment to your community that we have made to the communities of Mankato, North Mankato, St. James, Madelia, Mapleton, Lewisville and Lake Crystal.
David P. Krause, CEO
Learn more about Pioneer Bank at bankwithpioneer.com.