Northern Star Financial Inc., a Mankato, Minn.-based financial intermediary, plans to merge with River City Mortgage and RHS Title, wholly owned subsidiaries of River City Group of Eagan, Minn. The agreement is subject to regulatory approval. Terms of the deal were not disclosed.
River City Mortgage is a mortgage banker involved in the origination of residential real estate mortgage loans for various lenders, while RHS Title is a title insurance agency providing title insurance, escrow and closing services in connection with residential and commercial real estate properties.
According to the companies, River City Mortgage and RHS Title will continue to operate under their current names as an operating division and a subsidiary of Northern Star Bank. Northern Star Bank is a wholly owned subsidiary of Northern Star Financial. The Northern Star organization will be joined by 65 additional River City employees at seven title insurance offices and six prime production offices in the Minneapolis-St. Paul metro area in addition to offices in Grand Forks, N.D., and Melbourne, Fla.