Fort Pierre, SD-based Dakota Prairie Bank will merge into Burke, SD-based First Fidelity Bank in a transaction expected to close in the fourth quarter, Capital Journal reported June 2.

The deal is subject to federal and state regulatory approvals.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between June 2, 2022, and June 2, 2023, averaged 142.94% of book and 146.76% of tangible book and had a median of 14.06x last-12-months earnings, on an aggregate basis.

First Fidelity Bank, a subsidiary of Fidelity Corp., has branches in Burke, Bonesteel, Colome, Gregory, Murdo, Platte and Winner. It had $499.1 million in total assets as of March 31, according to Market Intelligence data.

Dakota Prairie Bank, a subsidiary of Draper Holding Co. Inc., had total assets of $127.7 million at the end of March. It operates branches in Draper, Fort Pierre, Presho and White River.

All Dakota Prairie Bank branches will remain open, and all workers are anticipated to remain in place, according to the report.

With the completion of the deal, Fidelity Corp. will expand in Jones, SD, by one branch to be ranked first with an 81% share of about $74.1 million in total market deposits, according to Market Intelligence data.

Also, Fidelity Corp. will enter Mellette, SD, with one branch to be ranked first with a 100% share of approximately $22.8 million in total market deposits; Stanley, SD, with one branch to be ranked second with a 36.81% share of roughly $111.3 million in total market deposits; and Lyman, SD, with one branch to be ranked second with a 44.88% share of about $85.4 million in total market deposits.

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