A CITIZENS ALLIANCE BANK Customer Driven. Community Focused. Citizens Alliance Bank announces it will be acquiring and merging with the Goeman Insurance Agency. John I. Gil, President and Co0 of Citizens Aliance Bank announced today that they recently reached a deal to acquire 100% of the outstanding stock of Citizens State Insurance Agency which will become a wholly owned subsidiary of the Bank effective July 1,2020. Citizens State Insurance Agency has been a Forstrom family-related company for over 50 years. Most recently was owned by the Forstrombrothers, Philip. Perry and John. Effective with the change in ownership. the legal name will also be changed to Citzens Allionce Agency, Inc. hadition. President Gill announced that Citizens Aliance Bank has entered into a Letter of Intent Agreement to acquire and merge 100% of the Goeman insurance Agency. LLC of Clara City and Montevideo, Minnesota from father and son - William (Chip) and Kyle Goeman.Goeman Insurance Agency is a successful and highly respected full line, Independent insurance ogency bosed in Clara City. The ogency has been under 3 generations of Goeman Family ownership beginning with William Goeman Sr. in 1953. Goeman Insurance Agency and its employees will be merged into Citizens Aliance Agency and thereby become part of the Citizens Allance Bank franchise. Upon successful completion of due diligence and negotiation of final terms and conditions of the merger transaction, the closing on the Goeman Insurance Agency is anticipated to ocur on August 1, 2020. Citizens Allionce Agency will remain locally owned and operated. Kyle Goeman will become President of Citizens Alliance Agency and be responsible for employee and agentrecruitment and training, sales and customer development, product enhancement, and customer service support in addition to leading Citizens Aliance Agency's future strategic acquisitions. Citizens Alliance Agency's operations will largely be out of the existing Goeman Insurance Agency buldings in Clara City and Montevideo. Human Resources, Information Technology. Regulatory Compliance, and other support services requred by Citizens Alliance Agency will be housed and faclitated by existing Citizens Allance Bank personnel already charged with these duties and responsbilities. Goeman and Gil both noted that the key drivers underlying the transoction and bringing these companiestogetherare the cultural andcorporate value similarities between the twoorganizations. The entities are multi-generational, family owned businesses rooted in small communities with deep owner and staff commitment to eaming and preserving customer respect and loyalty, providing impeccoble customer service, and reinvesting in our communities. Citzens Allonce Agency will continue to offer property and casuaty ife and health, as well as crop insurance coveroge, Citizens Alliance Agency will be leveroging the footprint of Citizens Allance Bank's existing 12 branch offices locatedin West-Central Minnesota and Western Montana, thereby bringing the proven sales team of Citizens Alliance Agency into the market areas of the Bank. Kyle Goeman noted that market share and presence were key to continual growth and success in the independent insurance ogency business. Goeman is optimistic in his team's ability to leveroge insurance growth and bring additional value to our growing customers through the Citizens Alliance Bank network of employees and branches. Gil noted that the Goeman Insurance Agency organization brings key insurance management expertise and back office infrostructure support to Cifizens Aliance Agency. Goeman and Gil look forward to better product offerings and improved customer pricing as a result of the business merger of Citizens Alliance Agency and Goeman Insurance Agency. While Kyle noted the signage on the Goeman Insurance Agency buildings in Clara City and Montevideo will change to Citizens Allance Agency no employees will be dsplaced os a result of the sale. Chip has ogreed to continue his employment with the combined ogency through at least 2024. Cifizens Alliance Bank is a wholly owned subsidiary of Forstrom Bancorporation Inc. which in turn is owned by the Forstrom Brothers. Forstrom Bancorporation has consolidated assets of approximately $925 milion. Together Citizens Aliance Bank and Citizens Alliance Agency will employ approximately 175 people in 13 communities throughout West-Central Minnesota and Western Montana. A CITIZENS ALLIANCE BANK Customer Driven. Community Focused. Citizens Alliance Bank announces it will be acquiring and merging with the Goeman Insurance Agency. John I. Gil, President and Co0 of Citizens Aliance Bank announced today that they recently reached a deal to acquire 100% of the outstanding stock of Citizens State Insurance Agency which will become a wholly owned subsidiary of the Bank effective July 1,2020. Citizens State Insurance Agency has been a Forstrom family-related company for over 50 years. Most recently was owned by the Forstrombrothers, Philip. Perry and John. Effective with the change in ownership. the legal name will also be changed to Citzens Allionce Agency, Inc. hadition. President Gill announced that Citizens Aliance Bank has entered into a Letter of Intent Agreement to acquire and merge 100% of the Goeman insurance Agency. LLC of Clara City and Montevideo, Minnesota from father and son - William (Chip) and Kyle Goeman.Goeman Insurance Agency is a successful and highly respected full line, Independent insurance ogency bosed in Clara City. The ogency has been under 3 generations of Goeman Family ownership beginning with William Goeman Sr. in 1953. Goeman Insurance Agency and its employees will be merged into Citizens Aliance Agency and thereby become part of the Citizens Allance Bank franchise. Upon successful completion of due diligence and negotiation of final terms and conditions of the merger transaction, the closing on the Goeman Insurance Agency is anticipated to ocur on August 1, 2020. Citizens Allionce Agency will remain locally owned and operated. Kyle Goeman will become President of Citizens Alliance Agency and be responsible for employee and agentrecruitment and training, sales and customer development, product enhancement, and customer service support in addition to leading Citizens Aliance Agency's future strategic acquisitions. Citizens Alliance Agency's operations will largely be out of the existing Goeman Insurance Agency buldings in Clara City and Montevideo. Human Resources, Information Technology. Regulatory Compliance, and other support services requred by Citizens Alliance Agency will be housed and faclitated by existing Citizens Allance Bank personnel already charged with these duties and responsbilities. Goeman and Gil both noted that the key drivers underlying the transoction and bringing these companiestogetherare the cultural andcorporate value similarities between the twoorganizations. The entities are multi-generational, family owned businesses rooted in small communities with deep owner and staff commitment to eaming and preserving customer respect and loyalty, providing impeccoble customer service, and reinvesting in our communities. Citzens Allonce Agency will continue to offer property and casuaty ife and health, as well as crop insurance coveroge, Citizens Alliance Agency will be leveroging the footprint of Citizens Allance Bank's existing 12 branch offices locatedin West-Central Minnesota and Western Montana, thereby bringing the proven sales team of Citizens Alliance Agency into the market areas of the Bank. Kyle Goeman noted that market share and presence were key to continual growth and success in the independent insurance ogency business. Goeman is optimistic in his team's ability to leveroge insurance growth and bring additional value to our growing customers through the Citizens Alliance Bank network of employees and branches. Gil noted that the Goeman Insurance Agency organization brings key insurance management expertise and back office infrostructure support to Cifizens Aliance Agency. Goeman and Gil look forward to better product offerings and improved customer pricing as a result of the business merger of Citizens Alliance Agency and Goeman Insurance Agency. While Kyle noted the signage on the Goeman Insurance Agency buildings in Clara City and Montevideo will change to Citizens Allance Agency no employees will be dsplaced os a result of the sale. Chip has ogreed to continue his employment with the combined ogency through at least 2024. Cifizens Alliance Bank is a wholly owned subsidiary of Forstrom Bancorporation Inc. which in turn is owned by the Forstrom Brothers. Forstrom Bancorporation has consolidated assets of approximately $925 milion. Together Citizens Aliance Bank and Citizens Alliance Agency will employ approximately 175 people in 13 communities throughout West-Central Minnesota and Western Montana.