Pilot Bancorp in Pilot Grove, Iowa, has agreed to buy Wayland State Bank in Mt. Pleasant, Iowa.
Pilot, the parent of the $835 million-asset Pilot Grove Savings Bank, expects to buy the $126 million-asset Wayland State in the third quarter. The price wasn’t disclosed.
“It is rare to find a bank whose dedication to customer service and traditional banking values mirrors that of Pilot Grove,” Matt Morrison, Pilot Grove’s president and CEO, told the Southwest Iowa Union.
“Our like-minded approach can only serve to produce a seamless transition for both the employees and customers,” Morrison added.