Burlington, Iowa-based Two Rivers Financial Group, Inc., is expanding in the southeast part of the state by acquiring the two-branch Lee County Bank from Lee Capital Corp.
The transaction is expected to close at the end of the third quarter. Two Rivers Financial Group is the holding company of the $971.68 million Two Rivers Bank & Trust.
Once the merger is finalized, the $239.14 million, Fort Madison, Iowa-based Lee County Bank will operate as a wholly-owned subsidiary of Two Rivers Financial Group. Shane Zimmerman will serve as Lee County Bank CEO and Michael Culbertson as president. Lee County Bank customers will continue to be served by the same staff.
“Two Rivers has a great deal of respect for the Lee County bank team and the banking relationships they have built,” said Two Rivers Bank & Trust board Chair Cristy Schmidt. “Lee County Bank’s tradition of providing outstanding customer service is one we plan to continue.”