Southeast Iowa banks announce merger

Mt. Pleasant, Iowa-based Wayland State Bank will merge with fellow southeast Iowa-based Pilot Grove Savings Bank in the next few months, according to a report from Southeast Iowa Union

The deal is expected to be completed in the third quarter of this year. By acquiring the $835 million Pilot Grove Savings, Wayland State Bank will grow to a $942 million bank.

“We are delighted to welcome Wayland State Bank into the Pilot Grove Savings Bank family,” said Pilot Grove Savings President and CEO Matt Morrison. “It is rare to find a bank whose dedication to customer service and traditional banking values mirrors that of Pilot Grove. Our like-minded approach can only serve to produce a seamless transition for both the employees and customers.”