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Northern Star Financial signs merger agreement

Northern Star Financial has announced merger plans for NSBK and River City Mortgage and RHS Title, the wholly owned subsidiaries of River City Group of Eagan, Minnesota, US.

The terms of the agreement, which are subject to regulatory approval, were not disclosed.

River City Mortgage and RHS Title will continue to operate under their current name as an operating division and a subsidiary of Northern Star Bank. Northern Star Bank is a wholly owned subsidiary of Northern Star Financial.

The Northern Star organization will be joined by 65 additional River City employees at seven title insurance offices and six prime production offices in the Minneapolis – St Paul metro area in addition to an office in Grand Forks, North Dakota and Melbourne, Florida.

Thomas Stienessen, CEO of Northern Star Financial, said:We believe the resulting organization will benefit from an expanded footprint in the market place and from the managerial resources, clients, products, services and capital the merger of our two companies brings.