Two of the Red River Valley’s most respected financial institutions are seeking a merger in March. Northern Sky Bank, which has served the Crookston area since 1916, will merge with United Valley Bank, which has served the upper Red River Valley since 1905, pending regulatory approval.
Northern Sky Bank President Adam Maruska said the proposed merger is planned for mid-March. “Right now, our intent to merge is March 19,” said Maruska. “So, March 19, we’re still Northern Sky Bank. March 22, we open up as United Valley Bank. We’re hoping we’ll have regulatory approval here in January, which puts us on the right timeline of getting our merger complete on March 19.”
First Cavalier Holding Company operates both United Valley Bank and Northern Sky Bank since the latter was sold in 2019. Maruska said that sale put them on the road to a full merger. “It is big,” said Maruska. “Our sale of Northern Sky Bank to the First Cavalier Holding Company was back in June of 2019. So, since that time, the holding company has been operating two separate banks. We were on this road back then, but we’re going to finally go ahead with the full-fledge merger and become one bank. Become United Valley Bank.”
Maruska said the merger is a great fit for Northern Sky Bank and will benefit the bank’s customers. “We’re really excited about the merger,” said Maruska. “United Valley Bank, right now, has six locations. They operate out of Cavalier, Hallock, Grand Forks, Mahnomen, Twin Valley, Argyle. Crookston will be the seventh. They are really community-focused. They focus on serving their hometowns up and down the Red River Valley. This merger is a great fit for us. It will be great for our customers too.”
Technology upgrades will be one of the significant benefits customers will notice. “There are some significant benefits to our customers and really, to our employees too,” said Maruska. “One of the biggest reasons for this merger is really technology. It’s time for us to make some significant upgrades in technology, and this merger will help us complete that.”
