MidWestOne Financial Group in Iowa City has agreed to buy Iowa First Bancshares in Muscatine. The $5.9 billion-asset MidWestOne said in a press release Monday that it will pay $47.6 million in cash for the $520 million-asset Iowa First. The deal is expected to close in the first quarter. “This is a natural extension of the MidWestOne geographic footprint as we increase our market presence in Muscatine and Jefferson counties,” Charles Funk, MidWestOne’s

Wintrust Financial in Rosemont, Ill., has agreed to buy a loan portfolio from Allstate. The $48 billion-asset Winstrust said in a press release Monday that it will acquire about $570 million of loans, most of which belong to Allstate agents. The agents use the funds to establish and expand their businesses, along with other working capital needs. Wintrust also agreed to become the national preferred provider of loans to Allstate agents.

Midland States Bancorp in Effingham, Ill., will spend the next two years winding down a portfolio of point-of-sale loans. The $7.1 billion-asset company holds about $834 million of loans originated by GreenSky, a nonbank lender that agreed in September to be sold to Goldman Sachs.  The company said loan originations should continue through mid-2022. After that, Midland States expects the portfolio to shrink by $400 million to $450 million until mid-2023,

BancFirst in Oklahoma City has agreed to buy Worthington National Bank in Arlington, Texas.The $11 billion-asset BancFirst disclosed in a regulatory filing Monday that it expects to buy the $463 million-asset Worthington in the first quarter. BancFirst did not disclose the price it will pay. Worthington has four branches, $269 million of loans and $421.5 million of deposits.BancFirst said Worthington would continue to operate under its brand and would keep

VyStar Credit Union in Jacksonville, Fla., and Heritage Southeast Bancorp. in Jonesboro, Ga., are bracing for a delayed closing of the credit union’s pending acquisition of Heritage Southeast Bank.The $11 billion-asset VyStar and the $1.6 billion-asset Heritage Southeast said in a press release Friday that the termination data for the deal has been pushed back from Dec. 31 to Feb. 28. The financial institutions said when they announced the deal

A group of Black business owners is looking to form a bank in Columbus, Ohio. Organizers of Adelphi Bank filed an application with the Federal Deposit Insurance Corp. on Monday for deposit insurance. The proposed bank would be located on a site once occupied by Adelphi Loan & Savings, a former Black-owned bank in the city, according to the Columbus Dispatch. Organizers intend to apply for Adelphi to be a minority depository institution.

Primis Financial in McLean, Va., will debut its digital bank in mid-November. The $3.5 billion-asset company said it will launch the bank on Nov. 15, limiting participation to “family and friends.” The bank will be available to more participants in late December. “Development on expanded consumer and full commercial deposit services are already under way and likely something that we will introduce during the first quarter,” Dennis Zember Jr., Primis’ president and

MetaBank Financial Group in Sioux Falls, S.D., has sold $30.2 million of loans as part of an ongoing plan to wind down its community bank loan portfolio.The $6.7 billion-asset company said in a press release Wednesday that it sold the loans to Central Bank in Storm Lake, Iowa, earlier this month. MetaBank has agreements in place to sell another $161 million in loans, which would reduce the size of the portfolio