In Brief: First Midwest to Buy Iowa Bancorp for $8M

STORM LAKE, Iowa - First Midwest Financial Inc. has announced a definitive agreement to acquire Iowa Bancorp, a $25 million-asset company that owns Iowa Savings Bank in Des Moines.

First Midwest, which owns First Federal Savings Bank of the Midwest, said the $8 million deal will allow it to expand its network into the Des Moines area.

The $265 million-asset company said it will acquire all of the outstanding shares of Iowa Bancorp, including shares subject to options.

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