Two Rivers Bank & Trust of Burlington, Iowa, is purchasing two branches from Dubuque Bank & Trust. Both the acquired offices are in Keokuk, Iowa and operate under the name First Community Bank. The deal brings $83 million of deposits to Two Rivers Bank & Trust.
The two banks announced the deal Jan. 23. The transaction remains subject to regulatory approval and other closing conditions and is expected to close in the second quarter. Dubuque Bank & Trust is a wholly-owned subsidiary of Heartland Financial USA, Inc.
“As a community bank headquartered in Burlington, this will be a natural fit with the geographic footprint and culture of Two Rivers Bank & Trust, and we look forward to further building relationships in the Keokuk community,” Two Rivers Bank & Trust President and CEO Matthew Shinn said.
A press release issued by Two Rivers Bank & Trust notes all current employees of the First Community Bank branches have been offered employment at the acquiring bank.
“Reaching this agreement with a community bank such as Two Rivers Bank & Trust is a win-win for our customers and employees,” said Tut Fuller, president and CEO of Dubuque Bank and Trust.
“After meeting with Two Rivers Bank & Trust, I feel that we have found a partner who shares our commitment to customers and their employees, and is headquartered approximately 40 miles from Keokuk,” commented Barb Smidt, First Community Bank’s market president.
Two Rivers Bank & Trust had $824 million in assets as of Sept. 30, 2018, and 11 branches.