Iowa Banks CBI, MidWestOne Strike Branch Deal
CBI Bank & Trust in Muscatine, Iowa, said Tuesday that it has agreed to buy a branch in Davenport, Iowa, from MidWestOne Bank in Iowa City.
The $490 million-asset CBI said the branch, which holds $12 million in deposits and $33 million in loans, will be its first in the Quad Cities region of southeast Iowa and northwest Illinois. CBI has seven branches in Iowa and one in Illinois.
Financial terms were not disclosed. The banks expect the deal to close in the third quarter.
Central Bancshares in Muscatine, Iowa, will change the name of some of its banks to CBI Bank & Trust.July 22
Central Bancshares in Muscatine, Iowa, has agreed to buy Brimfield Bank in Brimfield, Ill.March 22
Peoples State Bank in Albia, Iowa, has agreed to acquire a branch from Iowa City's MidWestOne Bank.September 21
"Five of our banking locations are in Muscatine and Rock Island counties, so the Downtown Davenport banking center is an excellent extension of our existing service area," Bob Howard, CBI's president and chief executive, said in a press release.
MidWestOne Bank, whose holding company is the $2.9 billion-asset MidWestOne Financial Group, has 44 branches in Iowa, Minnesota, Wisconsin and Florida. In September it sold a branch in Ottumwa, Iowa, to Peoples State Bank in Albia, Iowa.