ST. CLOUD, Minn., July 30, 2012 /PRNewswire/ — Stearns Bank National Association, based in St. Cloud, Minnesota, announced today, that effective immediately, it has acquired all of the deposits and substantially all of the assets of Jasper Banking Company from the Federal Deposit Insurance Corporation (FDIC), as Receiver of Jasper Banking Company, based in Jasper, Georgia.

The three locations of Jasper Banking Company opened as branches of Stearns Bank on Saturday, July 28th for business as usual. The customers of Jasper Banking Company may continue to conduct normal banking business and have access to all of their accounts. In addition, all outstanding Jasper Banking Company checks will be processed and customers may continue to write Jasper Banking Company checks and use their ATM and debit cards.

Jasper Banking Company loan customers should continue to make their regular loan payments in the same manner as in the past. New and existing customers will receive additional information from Stearns Bank in the near future.

“We are pleased to welcome the Jasper Banking Company customers and employees to the Stearns Bank family,” said Norman Skalicky, CEO of Stearns Bank. “The customers of Jasper will continue to be served by the same friendly professionals and their deposits continue to be insured by the FDIC up to the legal limit and backed by the considerable capital strength of Stearns Bank.”

About Stearns Bank:

With this acquisition, Stearns Bank now has 12 offices in four states – Minnesota, Georgia, Arizona, and Florida. Bank locations in Georgia include Dalton, Rock Spring and now Jasper. Stearns Bank has approximately $1.3 billion in total assets and $229 million of Tier One Capital. With a Tier One Leverage Capital ratio of over 16%, Stearns is among the highest capitalized banks in the nation. Stearns Bank is a high-performing bank with specialty lending niches in Small Business Administration loans, affordable housing loans, and construction lending. In addition, we have an equipment finance division that serves leasing clients across the United States.

For more information, please visit our website at www.stearnsbank.com.

Contact:

Norm Skalicky, CEO
4191 2nd Street South
St. Cloud, MN 56301
1-800-320-7262

Member FDIC

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SOURCE Stearns Bank National Association