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.
Neither Mr. Brooks nor $498 million-asset Northwest Financial would say how ownership would be split. Northwest owns a bank and two thrifts in Iowa. Privately held Marquette, with $3 billion of assets, has controlled the Oelwein bank for 26 years. It did not take the Marquette name, however, until last year.