The president of a $72 million-asset Iowa bank has joined with a financial services holding company to buy the bank from Minneapolis-based Marquette Bancshares Inc.

Kevin Brooks and Northwest Financial Corp. in Spencer, Iowa, plan to buy Marquette Bank Oelwein in Oelwein for an undisclosed sum. Mr. Brooks added that the bank would take back its old name, First National Bank of Oelwein, after the deal closes in August.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.