Greenfield, Iowa-based Union State Bank is acquiring Adair, Iowa-based Exchange State Bank in a stock transaction, Union State announced last month in the Creston (Iowa) News Advertiser.
The $96.5 million United State Bank submitted its FDIC application to acquire $39 million Exchange State Bank last week. The deal is expected to close in the second quarter of this year.
The price of the deal has not been announced.
Union State Bank was established in 1890. Current CEO Peg Scott led a local group of shareholders to form holding company Greenfield Bancorporation to acquire the bank in 2007.
“It was important to the bank’s shareholders in 2007 that we maintain a locally-owned, locally-managed bank to serve our community and provide a stable workplace for local employees,” Scott said. ‘The bank’s ownership and management believe we can bring this same model to the Adair community.”