WATERLOO, Iowa -- Iowa National Bankshares and MidAmerica Savings Bank said they signed a definitive agreement to sell two MidAmerican branches to clear the way for the two institutions to merge.
The divestiture was one of the conditions imposed on the merger by the Federal Reserve Board, which was concerned about diminished competition.
The two branches in Black Hawk County that meet the divestiture requirement will be sold to Midland Savings Bank of Des Moines. The sale price was not disclosed. The branches have $5.4 million of loans, $60 million of deposits, and certain fixed assets.
After it acquired MidAmerica, Iowa National will have $1.2 billion of assets and 32 branch locations in 19 communities.