GreenState Credit Union in North Liberty, Iowa, has agreed to purchase seven branches and related assets from First American Bank in Fort Dodge, Iowa.
The $5.4 billion-asset credit union said on Tuesday that the branches are located in Fort Dodge and greater Des Moines.
“We are excited about the opportunity to enhance the financial wellbeing of Iowans throughout the Des Moines and Fort Dodge communities, while at the same time providing greater convenience for our existing members living in those areas,” Jeff Disterhoft, president and CEO of GreenState, said in a press release.
GreenState
The financial terms of the deal were not disclosed.
The $959 million-asset First American has seven branches in Iowa and three locations plus a loan production office in Florida, according to its website. Earlier this year, the $3.5 billion-asset MidFlorida Credit Union in Lakeland, Fla.,
“We are confident that GreenState’s consumer and mortgage business will blend well with our commercial banking and trust services,” John A. Fisher, CEO and president of First American, said in a press release. “The combination of the two financial institutions will be of great benefit to consumers, small businesses and our respective communities.”
The proposed transaction, which remains subject to regulatory approval, is expected to close in the fourth quarter.
GreenState is the new name for Iowa Community Credit Union,
GreenState posted net income of about $18.1 million in the first quarter of 2019, a 2.8% increase over the same period in 2018.
This story was updated at 5:03 P.M. on June 26, 2019.
