Two Rivers Financial Group in Burlington, Iowa, has agreed to buy Lee County Bank in West Point, Iowa.
The $972 million-asset Two River did not disclose the price it will pay Lee Capital for the $239 million-asset Lee County Bank. The deal is expected to close in the third quarter.
Two Rivers and Lee County “are two organizations sharing the same customer-centric banking focus and compatible cultures,” Frank Delaney, Two Rivers’ chairman, said in the release.
Lee County will operate as a wholly owned subsidiary of Two Rivers.
Shane Zimmerman will serve as Lee County’s CEO and Michael Culbertson will be the bank’s president.