Union State Bank in Greenfield, Iowa, has agreed to buy Exchange State Bank in Adair, Iowa.
The $96.5 million-asset Union State filed its application with Federal Deposit Insurance Corp. on March 29 to buy the $39 million-asset Exchange State.
The deal is expected to close in the second quarter. The price wasn’t disclosed.
“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,” Peg Scott, Union State’s CEO, told the Creston News Advertiser.
“The bank’s ownership and management believe we can bring this same model to the Adair community,” Scott added.