Illinois-based Savanna-Thomson State Bank is acquiring West Des Moines-based Fidelity Bank, a merger that will create a $200 million institution with locations in Iowa and Illinois.
The merger is expected to close in the first quarter of next year. Savanna-Thomson State Bank is acquiring Fidelity under its own charter. Operations are expected to continue in the communities while the officers and staff of each bank will remain employed, the release states.
Savanna-Thomson has three branches in Illinois, including Thomson, Savanna and Mount Carroll. Fidelity operates three branches in Iowa, including West Des Moines, Huxley and Cambridge.
“Savanna-Thomson State Bank is excited for the future,” said Robert Froelich, president of the $108 million bank. “By acquiring Fidelity Bank, this will form an institution which will maintain our community focus while being able to provide additional banking products to our customer base.”
The acquisition also includes the merger of Fidelity’s holding company, Maximum Bancshares, Inc., into the holding company of Savanna-Thomson State Bank, SavannaThomson Investment, Inc. The two bank subsidiaries are expected to continue running independently with plans to merge at a later date.
“Fidelity Bank is looking forward to our relationship with Savanna-Thomson State Bank, and what opportunities this presents us to better serve our customers and communities,” added Brian deBuhr, president and CEO of the $74 million bank. “By uniting together, we’re able to provide even better banking tools and services to our customers while maintaining the local leadership our communities expect.”