Bank Midwest in Spirit Lake, Iowa, has a new president and chief executive.

The $724 million-asset bank promoted Steve Goodenow from president to CEO, a spokesperson for the bank said. Mary Kay Bates, who had been chief operating officer, was promoted to president on Jan. 1.

Bates has been with the bank since 1995. Before being named chief operating officer in January 2014 she was chief administrative officer. She has 20 years of management experience in financial services.

Bank Midwest has 11 branches throughout Iowa, Minnesota and South Dakota.

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