Fidelity Company will acquire State Bank of New Hampton, Iowa, expanding into a desirable corner of the state.
Dubuque, Iowa-based Fidelity currently has 25 offices throughout eastern Iowa, southwest Wisconsin and western Illinois. The $380 million State Bank serves seven northeast Iowa communities, including Calmar, Charles City, Dike, Janesville, New Hampton, Ossian and two branches in Waverly.
“At Fidelity Company, we are proud to be part of so many great communities. We want to be your hometown bank with our focus on the people we serve. Our cultures are very similar in terms of work- ing in partnership with our customers to find the best products and services based on shared values,” said James R. Kennedy, Jr., president of the $929 million Fidelity Company. “The Rigler family and the employees of State Bank have done an extraordinary job over multiple generations to build an outstanding organization. We are very excited to become part of these communities.”
Terms of the all-cash deal, expected to lose by the end of the year, were not disclosed. Fidelity operates two charters in Iowa: $811 million Fidelity Bank & Trust, Dubuque, and $118 million Community State Bank, Tipton.
“After 81 years with State Bank the Rigler family was very careful in selecting a buyer,” said John Rigler II, chairman of the holding company Rigler Investment Co., and president/CEO of State Bank. “The Kennedys, with their similar history and commitment to rural Iowa, rose to the top of our list. It was a very easy decision, given their commitment and culture.”
Rigler Investment most recently purchased Green Circle Investments, Inc., and its wholly owned subsidiary Peoples Trust & Savings Bank, Clive, Iowa, last summer. The $722 million company operates one other charter, the $345 million Peoples Bank, Clive, Iowa.