Ames-based VisionBank of Iowa will acquire fellow central-Iowa-based Legacy Bank later this year.
The transaction is expected to close late this year. The $594 million VisionBank of Iowa also has Iowa branches in Ames, Boone, Grimes, Huxley, Ogden and Waukee, and a mortgage office in West Des Moines. The $176 million, Altoona-based Legacy Bank also has branches in Mitchellville, Bondurant and Clive.
Legacy Bank Chief Operations Officer Brad Pfaltzgraff called the organizations “two relationship-focused financial institutions that have rich histories, extremely compatible cultures and a shared commitment to helping our customers achieve financial success. As a combined organization, we will be in an even stronger position to invest, grow and innovate in talent, capabilities and services that will enhance an already superior customer experience and further set us apart as a market leader here in central Iowa.”
VisionBank of Iowa President and CEO Heather Miller said the banks share similar philosophies. “We are confident that the powerful synergies, additional market coverage and financial strength this partnership creates will drive long-term success, and we are excited about combining the outstanding legacies of two strong, customer- and community-focused organizations,” she said.