Liberty Financial Services Inc. of Sioux City, Iowa, plans to acquire Valley Bank, an Elk Point, S.D., unit of Haugo Bancshares Inc. of Sioux Falls.
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The deal, announced last week and reported in the Sioux City Journal, would give the $87 million-asset Liberty its first branches outside its hometown.
The $75 million-asset Valley, founded in 1944, has five branches in Minnehaha and Union counties in South Dakota.
The deal, expected to close next quarter, would be the second for a South Dakota bank since 2005.
The family-owned Valley had a 75.15% efficiency ratio at yearend, according to Federal Deposit Insurance Corp. data. Last year its earnings declined 33% from the previous year, to $900,000.
