Guardian State Bank said Tuesday it has agreed to be acquired by Community First Bankshares of Fargo, N.D., in a stock swap deal. Terms were not disclosed.
Guardian currently has three offices in Salt Lake City and one in Sandy. It has assets of $108 million and deposits of $99 million.Community First has assets of $5.5 billion and serves 152 communities in 10 Western and Midwestern states.
"We look forward to bringing our style of community banking to Salt Lake City and Sandy," said Donald R. Mengedoth, president and CEO of Community First, in a release.
Dan. P. Mercer, president of Guardian, said the merger will allow the bank to offer new products and services to its customers but keep "much of our decisionmaking, including loan decisions, within our local banks."