Forstrom Bancorporation Inc., based in Clara City, Minnesota, announced that it has acquired 100% of the outstanding shares of First Valley Bankcorp, the parent corporation of First Valley Bank, Seeley Lake, Montana. The closing date of the transaction was March 10, 1998.
Philip R. Forstrom, president and Chairman of Forstrom Bancorporation, was named the new Chairman of First Valley Bank. Gary Miller was elected President and retains his seat on the board. Other board members are Perry D. Forstrom, Leonard Kobylenski, Todd Johnson and John Bewick.
As of December 31, 1997, Forstrom Bancorporation Inc. had consolidated assets of $143,323,000. Forstrom Bancorporation is the sole shareholder of Citizens State Bank of Clara City, Granite Falls and Maynard, Minnesota. It is also the sole shareholder of Security State Bank of Howard Lake, Minnesota.