Farmers Savings Bank in Colesburg, Iowa, has agreed to buy Elgin State Bank in Elgin, Iowa.
The $235.5 million-asset Farmers Savings submitted their application with the Federal Deposit Insurance Corp. on Nov. 12. The price wasn’t disclosed.
The $28.6 million-asset Elgin State has two branches.
“Even though the [branches] will operate under a new name and ownership, the current staff looks forward to continuing to serve you in the same neighborly manner they always have,” Catherine Britt, Elgin State’s owner, said in a statement. “I again express my heartfelt thanks for the years spent with all of you.”
Britt will retire when the deal closes.