Marshall Bancorp has completed the acquisition of Bankfirst Corporation. Terms of the acquisition of Bankfirst, which was owned by the Lund family, were not disclosed. Subsequently, Marshall has sold Bankfirst's credit card portfolio.
The acquisition increases Marshall Bancorp’s total consolidated assets to approximately $575 million from $90 million, raises the firm’s lending limit to nearly $12 million from $1 million, and expands its capabilities as a commercial and industrial lending institution.
The Bankfirst acquisition accelerates our growth strategy, substantially increases our deposit base and creates new opportunities for Marshall to better meet our customers’ needs, said Dennis Mathisen, chairman of Marshall Bancorp.
Immediately following the acquisition, Marshall Bancorp sold Bankfirst’s approximately $400 million credit card portfolio to Rushmore Acquisition, an independent consortium of investors that includes Merrill Lynch and CompuCredit. Terms of the transaction were not disclosed.
The sale of the credit card portfolio effectively eliminates Bankfirst’s exposure to sub-prime lending activities, Mathisen said. As a non-bank entity, Rushmore Acquisition is better equipped to finance and service such a portfolio.
Marshall intends to retain Bankfirst’s branch offices in Sioux Falls, Brookings and Toronto, SD, Chandler, AZ, and Minneapolis, MN, as well as its payment systems business. In addition much of the infrastructure of the banking business including executives, managers and key support staff will be retained.