AJJ Bancorp, Inc., which operates Central State Bank, Elkader, Iowa, announced it will acquire Swisher Bancshares, Inc., and its subsidiary Swisher Trust & Savings Bank of Swisher, Iowa.
“Central State Bank has operated as a family owned, community bank for almost 90 years, proudly serving both the metro and rural communities in which we operate,” said Greg Johnson, CEO of Central State Bank. “Swisher fits well with Central State Bank’s current footprint and allows us to deepen our roots in the [Turkey River] Corridor.”
“We evaluated our options very carefully and knew we wanted an organization that mirrored the model and values of our own,” said Phil Reed, board chair of Swisher. “We chose Central State Bank because of its exemplary history, stability, and commitment to community banking. We know that the town of Swisher and our customers will remain well-served by the team at Central State Bank. Our customers will benefit from the expanded services Central State Bank can offer, and from the experience of its leadership.”
Upon closing, anticipated later in 2018, Swisher Trust & Savings Bank will be merged into Central State Bank and join its network of branches in Coralville, Cedar Rapids, Walford, Elkader, Marquette, and McGregor. The deal is subject to regulatory and Swisher shareholder approval.