TAMARAC, Fla., Oct. 19, 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 First East Side Savings Bank in Tamarac, Florida from the Federal Deposit Insurance Corporation (FDIC), as Receiver appointed by the Office of the Comptroller of the Currency.

First East Side Savings Bank has one location that will open as Stearns Bank on Saturday, Oct. 20th for business as usual. The customers of First East Side Savings Bank may continue to conduct normal banking business and have access to all of their accounts. In addition, all outstanding First East Side Savings Bank checks will be processed and customers may continue to write First East Side Savings Bank checks and use their ATM and debit cards.

First East Side Savings Bank 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 First East Side Savings Bank customers and employees to the Stearns Bank family,” said Norman Skalicky, CEO of Stearns Bank. “Customers will continue to be served by the same friendly professionals and their deposits will 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 13 offices in four states – Minnesota, Georgia, Arizona, and Florida. Bank locations in Florida include Sarasota, Venice, St. Petersburg and now Tamarac. Stearns Bank has approximately $1.4 billion in total assets and $232 million of Tier One Capital. With a Tier One Leverage Capital ratio of 16%, Stearns Bank is among the highest capitalized banks in the Nation. Stearns Bank is a high-performing bank with specialty lending niches in Small Business (SBA) loans, Affordable Housing loans, construction lending, and 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.
Equal Housing Lender.

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SOURCE Stearns Bank