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Stockman Bank, Basin State Bank join forces
Stockman Bank of Montana, headquartered in Miles City, has agreed to purchase Basin State Bank, which has three locations: Stanford, Lewistown and Geraldine.
Basin State Bank opened in 1911 and has about $150 million in total assets.
Bill Coffee, CEO of Stockman Bank, said, “We are excited to serve more of our neighbors in central Montana. Basin State has a high level of customer service and strong sense of community. Stockman Bank shares that same commitment to our customers and to the communities and agricultural areas we serve. As the largest agricultural bank in Montana, Stockman understands ag lending like no other lender, plus, we have banking services uniquely designed for businesses and residents of communities like Stanford, Lewistown and Geraldine.”
Mike Zacher is the President of Basin State Bank.
“Stockman Bank is the perfect fit for Basin State Bank, our employees, our customers and for our communities,” Zacher said. “Stockman’s Montana roots, agricultural heritage and customer service philosophy mirror ours.”
“Smaller banks, like Basin State, face a strong headwind with greater regulatory burdens and increased compliance costs,” Zacher explained. “In addition to the heightened governmental requirements, customers want the latest high-tech services, such as mobile banking, remote deposit capture, and electronic money management. They also desire higher lending limits and access to full banking services when visiting larger Montana cities, such as Great Falls, Billings and Bozeman. Stockman provides all of this.”
He went on to say, “Basin State had many options in choosing which organization best fit Basin State’s approach to banking. Stockman Bank met all of our requirements.”
“The growth is good for the company,” said Stan Markuson, president of the Miles City Stockman Bank locations.
There are 30 employees for the Miles City offices, then another 100 employees in Miles City for the holding company.
He added that it was too early to know how many employees will be added with the latest purchase.
Stockman Bank was founded in Miles City in 1953 and remains family owned with 28 locations statewide, including five in Billings, three in Great Falls, and two in Bozeman and Dillon. The 29th location will open in Manhattan this spring.
Stockman offers community banking, providing comprehensive financial services that include personal, business, agricultural and real estate.
Skilled banking professionals and state-of-the-art technology are key resources in positioning Stockman as the region’s premier financial center.