After 70 years of ownership, the Barlow family is selling Iowa Falls State Bank to a group of investors who plan to keep the bank local.
As reported by the Iowa Falls Times Citizen on April 20, the Barlows — siblings John Barlow, Pam Angstman and Cinda Classon and their children — announced this week the pending sale to a group of local 40 investors, a majority of whom live in Iowa Falls and Hardin County, where the city is located. The sale is expected to be finalized in October. Barlow noted that all employees, and the bank’s processing system and services will remain the same following the sale.
The investors formed a holding company, Scenic Community Bankshares Corp., and will elect a board of directors to oversee the bank’s operations and form a strategy. Iowa Falls State Bank board member Linda Guy will be the chair of the new board.
“This transition provides a unique way to retain a community bank that will be focused on the best interests of Iowa Falls and the surrounding area,” John Barlow told the Times Citizen. “We are honored to carry forward the Barlow family’s legacy and appreciate that they have made it possible.”
The group of investors will be only the third group of principal owners the bank has had since it was established nearly 90 years ago.