Highland in Minn. to buy Boundary Waters Bank

Highland Bank in St. Paul, Minn., has agreed to buy Boundary Waters Bank in Ely, Minn.

The $630 million-asset Highland said in a press release that it expects to buy the $115 million-asset Boundary Waters by the end of this year. The price wasn’t disclosed. 

“This merger presented an ideal opportunity to expand our organization, blending our individual strengths to provide even greater value to our communities and shareholders alike,” Rick Wall, Highland’s CEO, said in the release. Stephens and Ballard Spahr advised Highland. 

Olsen Palmer and Baird Holm advised Boundary Waters.