Financial Services Acquisitions in Minnesota

Affinity Plus Federal Credit Union will merge with City & County Employees Federal Credit Union (CCEFCU) of Albert Lea, Minnesota, effective October 1, following member and regulatory approvals. The merger brings roughly 1,700 new members to Affinity Plus, retains CCEFCU’s five employees, expands member access to Affinity Plus products and services, and supports a planned new branch in Albert Lea in 2026.

Scale Bank has acquired Great Plains Transportation Services and Partners Funding, two Fairmont, Minnesota-based invoice factoring providers, bringing their combined team of 39 professionals and ~2,800 customers into Scale Bank’s Scale Funding and Provident Commercial Finance divisions. The acquisition expands Scale Bank’s factoring capabilities and strengthens its lending presence in the trucking and transportation end market while complementing its financing to staffing and oil & gas service companies.

Mission Wealth Management, LP has merged with Brown Wealth Management, a Minneapolis-area advisory firm that oversees more than $204 million in client assets. The deal expands Mission Wealth’s Midwest footprint and brings Brown Wealth founder Timothy Brown and his team into Mission Wealth as equity partners.

Sequoia Financial Group, an Akron-based SEC-registered wealth manager with $22.6 billion AUM, has acquired Carlson Capital Management (CCM), a Northfield, Minnesota investment advisory firm with $3.8 billion in client assets. The deal (completed March 31, 2025) adds CCM’s tax planning capabilities, expands Sequoia’s national footprint to 34 offices across 19 states, and brings CCM’s ~80 employees into Sequoia’s platform.

Alerus Financial Corporation completed its previously announced all-stock acquisition of HMN Financial, Inc. and its subsidiary Home Federal Savings Bank for approximately $128.8 million. The deal expands Alerus’ banking footprint into the Rochester, Minnesota MSA, makes it the largest bank acquisition in Alerus history, and adds roughly $1.1 billion in assets to the combined company; HMN board member Jeffrey Bolton joined Alerus’ board in connection with closing.

Cadex Solutions Corporation, in partnership with private equity firm Trivest Partners LP, has acquired Receivables Control Corporation (RCC), a Maple Grove, Minnesota-based commercial debt recovery and accounts receivable management firm. The acquisition is an add-on to Cadex’s order-to-cash platform intended to broaden its commercial collections, asset recovery and liquidation capabilities and expand its global service offering.

Brookfield Asset Management has completed a strategic partnership with Castlelake L.P., acquiring a 51% interest in Castlelake's fee-related earnings while Brookfield Wealth Solutions committed to invest in Castlelake's funds and strategies, bringing total committed capital to $1.5 billion. Castlelake will continue to operate independently, retaining its leadership and majority ownership of performance-related earnings. The transaction strengthens Brookfield's asset-based private credit capabilities and provides capital to scale Castlelake's platform.

Alera Group, a national insurance and financial services firm based in Deerfield, Illinois, has acquired Minnesota-based Advanced Capital Group (ACG). The deal adds $24 billion in retirement plan and wealth assets to Alera's Retirement and Wealth Services business (bringing the division to $45 billion); terms were not disclosed.

VersaBank completed the acquisition of Stearns Bank Holdingford N.A. (SBH) from Stearns Financial Services, renaming the bank VersaBank USA N.A. The US$14.0 million cash deal (approximately CAD$19.3M) gives VersaBank an OCC‑chartered U.S. banking platform to launch its Receivable Purchase Program (RPP) in the U.S. market.

Bridgewater Bancshares, Inc. (parent of Bridgewater Bank) has acquired First Minnetonka City Bank in an all-cash merger, folding FMCB into Bridgewater Bank. The combined franchise will have roughly $4.9–$5.0 billion in total assets, $4.0 billion in deposits and nine full-service Twin Cities branches, and the deal is intended to deepen Bridgewater's Twin Cities presence while adding a granular deposit base and an investment advisory capability.

Blue Ridge Associates, a portfolio company of Levine Leichtman Capital Partners, has acquired Tax Sheltered Corporation/Tax Sheltered Compensation, Inc. (TSC), a provider of retirement plan administration and recordkeeping services. The acquisition expands Blue Ridge's capacity and technical capabilities in ESOP and qualified retirement plan administration, adding TSC's ~3,100 plans covering over 152,000 participants to its platform.

Wealth Enhancement Group, a national independent wealth management firm, announced the acquisition of Retirement Advisory Group, a hybrid RIA based in Eden Prairie, Minnesota, bringing roughly $150 million in client assets and a five-person team into Wealth Enhancement's platform. The deal expands Wealth Enhancement Group's Twin Cities presence and increases its assets under management.

Creative Planning, a leading independent Registered Investment Advisor, has acquired CTB Financial Services, Ltd., a Minneapolis-based RIA known for tax-focused wealth planning. The deal expands Creative Planning's tax-planning capabilities and integrates CTB's advisory services into Creative Planning's broader wealth management platform.

First National of Nebraska, Inc. (FNNI) has closed its acquisition of Northland Capital Holdings, including subsidiary Northland Securities, Inc. Northland will operate as an FNNI subsidiary and the deal strengthens FNNI's capital markets capabilities—particularly municipal bond underwriting—and complements Northland's Midwest presence.

Wealth Enhancement Group, a national independent wealth management firm, acquired New Era Financial Advisors, Inc., a hybrid RIA with two Minnesota locations and over $1.1 billion in client assets. The deal adds a team of six advisors and 11 support staff and expands Wealth Enhancement Group's presence in the Twin Cities market.

Magnifi Financial merged with Financial One Credit Union effective October 1, 2022, following board approvals and a member vote. The combination expands Magnifi's presence in the greater Twin Cities (adding branches in Blaine, Coon Rapids and Columbia Heights), brings Financial One's indirect lending capability into the organization, and results in a combined organization with nearly $2 billion in assets, ~85,000 members and a 25-branch network.

Voxtur Analytics Corp.'s U.S. subsidiary executed an agreement to acquire all membership interests of Blue Water Financial Technologies Holding Company, LLC, a SaaS-based mortgage asset valuation and MSR trading platform. The transaction is valued at approximately USD $101 million (USD $30M cash plus share consideration), is expected to be accretive, and is subject to regulatory approvals and customary closing conditions.

Simplicity Group has acquired Eagle Team, LLC, an independent life and annuity sales and distribution organization, bringing five partners into the Simplicity partnership. Eagle Team will continue to run day-to-day operations while transitioning to the Simplicity brand to expand Simplicity’s annuity and wealth management distribution capabilities.

Granite Bank, a family‑owned community bank based in Cold Spring, Minnesota, has entered into an agreement to acquire Maple Bank, a single‑location community bank headquartered in Champlin, Minnesota. The deal expands Granite Bank into the Twin Cities Northwest Metro and, upon closing, will increase Granite Bank's assets to roughly $240 million (subject to regulatory approval).

Private Advisor Group, a Morristown, New Jersey-based independent wealth management firm, has acquired Minnesota-based registered investment advisor Investors Financial Group (IFG). IFG — comprised of nearly 30 advisors and staff and managing $1.86 billion in advisory AUM as of Dec. 31, 2021 — will transition RIA management to Private Advisor Group to gain practice management resources, scale, and succession planning support.

Peoples Bank, a wholly owned subsidiary of Peoples Bancorp Inc., acquired Vantage Financial for $54 million in cash and agreed to repay approximately $21 million of Vantage recourse debt; the deal closed in March 2022. Vantage will continue to operate under its name as a subsidiary, with the majority of its leadership staying in place while co-founder Bob Murphy retires.

Onex Partners V, together with certain co-investors including Onex Corporation, completed an equity investment in Wealth Enhancement Group (WEG), joining existing investor TA Associates as equal capital partners. The transaction (Onex's share ~US$250 million) will support WEG's next stage of organic growth and M&A expansion while the firm remains privately held under its existing management team.

BMS Re, the reinsurance arm of BMS Group, has acquired US-based independent reinsurance broker Trean Intermediaries, with Trean staff and infrastructure transferring to BMS Re. The deal strengthens BMS Re's property catastrophe reinsurance capabilities and expands its geographic presence in US growth markets including Florida, North Carolina, Los Angeles and Greater Boston.

Community Bank System, Inc. (NYSE: CBU) has acquired Fringe Benefits Design of Minnesota, Inc. (FBD), a retirement plan administration and benefits consulting firm. FBD will become a subsidiary of Benefit Plans Administrative Services, Inc. (BPAS), expanding BPAS's benefits administration footprint in the Midwest and complementing its existing retirement plan and trust services.

Miami International Holdings, Inc. (MIH) completed its acquisition of the Minneapolis Grain Exchange (MGEX) for a combination of cash and MIH common stock. MGEX will operate as a wholly owned subsidiary of MIH, expanding MIH's product capabilities by adding a dedicated futures platform and enabling the listing of new exclusive options and futures products.

Park Financial Group, Inc. agreed to acquire 100% of Mesaba Bancshares, Inc., bringing Mesaba's banks — American Bank of the North and The Lake Bank — into the Park family alongside Park State Bank. The combined organization will operate more than 20 locations with assets approaching $1 billion; the deal is subject to regulatory approval and was expected to close in Q3 2020.

Funds affiliated with TA Associates have acquired the equity stake in Wealth Enhancement Group previously held by funds affiliated with Lightyear Capital LLC. Wealth Enhancement Group will remain privately held and independent under its existing leadership while the new partnership with TA Associates is intended to support accelerated organic growth and acquisition-led expansion; financial terms were not disclosed and the deal is expected to close in Q4.