West Des Moines-based Bank Iowa is buying First State Bank of Colfax, Iowa, later this year, bringing its total assets to $1.4 billion.
First State Bank of Colfax is a $65 million community bank owned by Dentel Bancorporation. Contingent on regulatory approval, the acquisition is expected to close prior to the end of 2019.
The one-branch First State Bank has $22 million in net loans and leases and $50 million in deposits as of March 31. It had $309,000 in net income in the first quarter of 2019 compared to $356,000 a year prior.
“First State Bank of Colfax is a wonderful addition for Bank Iowa,” said Jim Plagge, CEO of the currently $1.3 billion Bank Iowa. “The bank has a strong history of providing exceptional client service, and we’re excited about continuing that tradition with the Colfax team. We are also very impressed with the community of Colfax, which fits nicely between Altoona and Newton, two cities we have been proud to serve for more than 20 years.”
James Feudner, Bank Iowa regional president, will oversee the Colfax office.
Bank Iowa currently has offices in 22 Iowa communities.