Iowa’s Pella Financial Group, parent company of Marion County State Bank of Pella, has signed a deal with Duclarkee, Inc., to acquire its Iowa State Savings Bank, Knox.
The $168 million Iowa State Savings Bank has two offices in Knox and Melcher Dallas, Iowa. It has $77 million in total loans and leases and $152 million in total deposits.
“Decisions of this magnitude are not made easily,” said Stu Job, President of Duclarkee, Inc. and CEO of Iowa State Savings Bank. “We could not have found a better group to carry on our bank’s long-standing commitment to our staff, our customers, and our communities.”
The $309 million Marion County State Bank has two branches in Pella, $223 in total loans and leases and $266 million in total deposits.
“The purchase of Iowa State Savings Bank is a natural fit. Both banks have always had strong community bank cultures and their adjacent trade areas will combine into a sensible geographic footprint,” said Ron Zantingh, president of Pella Financial Group, Inc.
The deal is expected to close in April 2019. Iowa State will merge into Marion County in November.