Iowa City-based MidWestOne Bank has completed its acquisition of Iowa First Bancshares Corp., Muscatine.
The nearly $6 billion MidWestOne announced the pending merger last November. IOFB has five banking offices in Iowa through its two banks, First National Bank of Muscatine and First National Bank in Fairfield. Founded in 1870, First National Bank of Muscatine has $371 million in assets. Founded in 1865, First National Bank in Fairfield has $158 million in assets.
The combined company will have dozens of banking offices throughout Iowa, Minnesota, Wisconsin, Florida and Colorado. First National Bank in Fairfield will officially become MidWestOne Bank in late July, with First National Bank in Muscatine doing so in September.
First National Bank Chief Operating Officer Wayne Johanson was appointed MidWestOne’s Muscatine market president. “First National customers will be pleased with the additional products, services, and new technology platforms that they will soon have access to,” he said. “We have joined together like-minded community banks in Iowa. Our teams are looking forward to working together.”
First National Bank of Muscatine President and CEO Debra Lins will step down from her position. “I have had the privilege of working with our dedicated team of professionals to provide our customers the personalized service they deserve, and I know that they will carry forward the long-standing tradition of being the community’s choice for banking services,” she said.