Pro basketball player Harrison Barnes is inching closer to buying Community State Bank in Paton, Iowa.
Shareholders of the $42.8 million-asset bank recently approved a sale to Barnes Bancorp. The Federal Reserve must still approve an application for Barnes Bancorp to become a bank holding company.
Jeff Plagge, a lifelong banker, former state bank commissioner and managing director of Harrison Barnes & Co., announced on LinkedIn that he had become Community State’s chairman.
Barnes, who is from Iowa, has played 14 seasons in the NBA, including stints with the Golden State Warriors and San Antonio Spurs.
Community State Bank’s legal team was reportedly contacted by Barnes and Co. after the bank had internal talks about a possible sale earlier this year.