Jiko Group, Inc. recently announced that it has acquired Mid-Central Federal Savings Bank, in Wadena, which as part of the acquisition converted to a national bank charter and changed its name to Mid-Central National Bank.
The 100% stock transaction was announced on Sept. 3, 2020, according to a Jiko Group news release.
"We are excited to welcome Mid-Central to Jiko Group, and look forward to providing financial strength to the bank, its loyal customers and talented employees which have served its community so effectively for over 50 years," said Stephane Lintner, President and Chief Executive Officer, Jiko Group, Inc. "Through this acquisition, which we have been working on jointly with the Bank's team for the last three years, Jiko has now solidified the regulatory and oversight structure required to launch its new digital product designed to offer every American direct and liquid access to Treasury Bills. We are thrilled that such an evolution would come out of Wadena and are excited to keep working with the community as we scale up our capabilities."
Jiko Group, Inc., a bank holding company supervised by the Federal Reserve, is a diversified financial technology services company headquartered in California. Formed in 2016, with a mission to build a universal and transparent money storage platform to all Americans, Jiko, through its fully integrated technology, brokerage and banking subsidiaries, is in the process of launching its revolutionary product which offers direct, spendable access to US-Treasury Bills as a viable and transparent alternative, for all Americans, to deposit in a checking account.