ESOP-owned bank to purchase neighbor in northeast Iowa

FreedomBank of Elkader, Iowa announced Nov. 20 that it will purchase and merge with Farmers & Merchants Savings Bank of Waukon, Iowa. FreedomBank has offices in Elkader, Monona, and Postville. Farmers & Merchants Savings Bank has offices in Waukon and Decorah.

FreedomBank, which has assets of $267 million, is owned 100 percent by an employee stock ownership plan. Farmers & Merchants Savings Bank has assets of $158 million.

Both banks are located in the northeast corner of the Iowa.

The transition is pending regulatory approval and is expected to be finalized during the first quarter of 2019.