Bank Iowa agrees to buy First State Bank of Colfax
Bank Iowa in Des Moines has agreed to buy First State Bank of Colfax in Iowa.
The $1.4 billion-asset Bank Iowa said in a press release Friday that it expects to complete the acquisition by the end of this year. It did not disclose the price.
The $65 million-asset First State Bank of Colfax is owned by Dentel Bancorp.
“First State Bank of Colfax is a wonderful addition,” Jim Plagge, Bank Iowa’s CEO, said in the release.
“The bank has a strong history of providing exceptional client service,” Plagge added. “We are also very impressed with the community of Colfax.”
James Feudner, Bank Iowa’s regional president, will oversee the Colfax branch.