Central Bancshares in Muscatine, Iowa, has signed an agreement to acquire Walcott Trust and Savings Bank, based in Walcott, Iowa.
Founded in 1893, Walcott Trust & Savings has $130 million in assets, $107 million in deposits, $89 million in net loans and leases and a primary market area of Scott and northeast Muscatine Counties in Iowa.
“It’s a great opportunity and excellent fit for both organizations,” said Cal Werner, Jr., president of Walcott Trust and Savings. “Our customers can rest assured that there is a strong commitment to not only continue providing the same safe, stable banking environment that they’ve grown to know and trust, but in addition, to be able to offer additional services to our customers.”
The deal, expected to close by the end of the year, will bring Central’s total assets to over $1 billion. The company currently has two charters: CBI Bank & Trust, based in Muscatine, and F&M Bank, Galesburg, Ill.
“We are excited to partner with Walcott Trust and Savings Bank,” said Greg Kistler, president and CEO of Central Bancshares. “They share our core philosophy of community banking: empowered local management and employees dedicated to serving our customers and communities.”
Cummings & Company, LLC served as financial advisor and Fredrikson & Byron, P.A. served as legal counsel to Central Bancshares, Inc. in connection with the transaction.