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From Grand Marais State Bank - September 19, 2025

The ownership, Board of Directors, and staff at Grand Marais State Bank are pleased to announce the future acquisition of CenBank, a community bank in south-central Minnesota. The merger is scheduled to be completed in the first quarter of 2026 and is subject to regulatory approval.

 CenBank is an affiliate of Grand Marais State Bank and is under the same ownership. We are excited to welcome the CenBank team and have them join Grand Marais State Bank. This acquisition will give Grand Marais State Bank additional branches in Hutchinson, Buffalo Lake, and Ortonville, in addition to the current branches in Grand Marais and Tofte. This will give Grand Marais State Bank five locations to serve its communities and surrounding areas.

This merger provides Grand Marais State Bank an opportunity for significant growth and will only add to the strength and service of the bank as a whole. It is an opportunity to bring together two highly performing and well-run institutions. Being affiliates under the same ownership has given the two banks the same culture, values, and service with a focus on the customer. That will not change. Grand Marais State Bank will remain focused on funding local loans with local deposits.

The Grand Marais State Bank has been a presence on the North Shore of Minnesota since 1916. This stability will continue into the future as we welcome the entire CenBank team into the Grand Marias State Bank family.