St. Cloud, Minnesota-based Stearns Bank has acquired First State Bank Sarasota and Community National Bank – Sarasota County (CNB SC). First State Bank Sarasota has locations in Sarasota, Venice, St. Petersburg, Clearwater, Largo and Seminole, Florida. CNB SC has locations in Venice and North Port, Florida.
Insured depositors and loan customers of both the banks will automatically become depositors and customers of Stearns Bank, and will retain services and access to their accounts.
Norman Skalicky, CEO of Stearns Bank, said: We are very pleased to have the opportunity to welcome the customers of First State Bank Sarasota and Community National Bank – Sarasota County to Stearns Bank. We have always maintained a strong capital position at Stearns Bank. This strategy, along with the confidence provided by our regulators, is very important in these unparalleled economic times. Stearns bank stands ready to meet the financial needs of our communities, and we are very optimistic of the opportunities before us.
Stearns Bank is an independently-owned financial institution with more than $1 billion in assets. Stearns also has a nationwide Equipment Finance division and a National Accounts Receivable division.
