First Resource Bank to Acquire First State Bank of Wyoming

MINNEAPOLIS, MN – January 20, 2026 – First Resource Bank (“FRB”), Minneapolis, MN, announced today that it has entered into a definitive agreement to acquire First State Bank of Wyoming (“Wyoming”), Wyoming, MN, a move that underscores FRB’s commitment to community banking and growth.

The transaction is expected to close in the second quarter of 2026, pending customary regulatory approvals and closing conditions. Following the purchase, FRB will operate eight full-service locations across the Twin Cities and surrounding communities with total assets exceeding $1 billion. Over the past five years, FRB has increased assets by 195 percent to $825 million as of December 31, 2025. Wyoming reports total assets of $240 million as of December 31, 2025.

“First State Bank of Wyoming is committed to its clients, staff, and communities, which aligns well with our values at FRB,” said Aaron Siegle, Chief Executive Officer of First Resource Bank. “With their customer-focused approach and proximity to our other locations, this will be a tremendous fit.” Siegle said the opportunity arose from a working relationship that developed over several years between Charlie Anderson, President of FRB, and Mark Zaruba, CEO of Wyoming. “The strong relationship and shared values between our leadership teams gives us a great head start as we look toward the future,” said Siegle.

Anderson says the partnership with Zaruba is built on shared values and trust. “Our commitment to community banking and client relationships has been the cornerstone of this deal,” said Anderson. “This isn’t just about growth—it’s about combining two cultures that value trust and service above all. We look forward to carrying those values forward and well into the future.”

Zaruba echoed that sentiment: “First Resource Bank’s commitment to community banking aligns with the values of First State Bank of Wyoming, and I am confident this will result in a seamless transition for our customers and employees alike.”

About First Resource Bank
First Resource Bank is a full-service bank serving the needs of small businesses, entrepreneurs, and real estate investors in the Twin Cities and surrounding areas. The bank focuses on providing prompt client service and simple lending and deposit solutions. First Resource Bank has six locations and total assets of $825 million. It is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For more
information, please call (651) 351-1200 or visit http://www.myfrbank.com

About First State Bank of Wyoming
First State Bank of Wyoming has been serving Wyoming, MN and surrounding areas since 1914. The bank has offices in Wyoming and Stacy, MN with total assets of $240 million.

Transaction Details
The transaction is expected to close in the second quarter of 2026 pending regulatory approval and customary closing conditions. Barack Ferrazzano Kirschbaum & Nagelberg, LLP and CLA (CliftonLarsonAllen, LLP) acted as advisors to FRB. Winthrop & Weinstine, P.A. and Eide Bailly, LLP acted as advisors to Wyoming.