NU On-Line News Service, Oct. 10, 2:38 p.m. – Securian Financial Group Inc., St. Paul, Minn., the parent company of Minnesota Life, Advantus Capital Management and Securian Financial Network, will buy the trust division of Midway National Bank of St. Paul, Midway announced today.
The purchase will occur after St. Paul-based Midway is acquired by Dakota Bancshares, a Mendota Heights, Minn.-based financial institution.
Purchase agreements were signed Monday; the transactions are expected to close in early 2002, subject to approvals from regulators and shareholders, Midway says.
“Our board of directors approved the sale of Midway National to Dakota Bancshares because it was a perfect fit,” says Jack Ritt, president, Midway National Bank. “Dakota Bank is an independent community bank that shares our vision. Securian Trust Co. will give our trust customers the comfort of being aligned with a leading financial services group; the only noticeable immediate change those customers will see is in the name of the company, from Midway to Securian.”
Robert Senkler, chairman and chief executive officer, Securian Financial Group, said the addition of a trust company is a logical next step for Securian as the organization broadens its array of financial products and services.
Securian Trust Company will remain in St. Paul following the close of the sale, and all employees of Midway’s trust division will be retained, Midway says.
Patrick A. Mazorol has been hired to serve as chief executive of Securian Trust. He most recently was chief executive of ING National Trust, formerly ReliaStar National Trust Company, Midway says.