Complete Financial Solutions (CFSU)

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Complete Financial Solutions Enters into Agreement to Acquire Minnesota-Based Bank

2014-10-09 07:07 ET - News Release




Company Website: http://cfsi.biz/
SPOKANE, Wash. -- (Business Wire)

Complete Financial Solutions Inc. (“CFSI”) (OTC:CFSU) announced it had entered into a letter of intent to purchase Northern Star Financial, Inc. (“NSFI”) and its wholly owned bank subsidiary Northern Star Bank (“Bank”), pursuant to which CFSI has acquired 24% of the Bank’s common stock. Under the terms of the Agreement, CFSI will acquire 100% ownership of both entities upon approval of a change in control application from the appropriate bank regulators together with an investment of capital that would improve the Bank’s Tier 1 capital to a level in excess of 8%.

“This is our second recent acquisition of a state-chartered bank,” stated Allen Ringer, CEO. “We estimate that completing the Bank acquisition will require an additional investment of approximately $1,000,000. In July we purchased a 23.3% interest in American Patriot Bank with a plan to acquire the remaining interest over the next eighteen months. This latest acquisition is a perfect fit for our diversification and growth strategy - it allows us to offer products that are complementary to all our existing entities, including American Patriot Bank.”