Farmers Savings Bank in Victor and Keystone Savings Bank in Marengo will merge later this year.
The $105 million Keystone savings will add one branch with its acquisition of the $38 million Farmers Savings, bringing its branch total to five. The deal also includes $31 million in deposits and $27 million in loans.
“Our number one goal with this transition was to choose a bank that was focused on customer service, relationship-building and community banking,” said Tyler Happel, president of Farmers Savings Bank. “We couldn’t be more pleased with the decision to work with Keystone Savings Bank.”
Happel and his team will continue to lead the office in Victor after the deal closes, expected by the end of the year.
“Farmers Savings Bank and Keystone Savings Bank both have a long history of expertise in community banking,” said Cameron Miles, president of Keystone Savings Bank. “We are pleased to bring this experience and knowledge together into one organization.”
Keystone Savings also has offices in Keystone, Center Point and Pleasant Hill, Iowa.