Two community banks in Iowa are planning to merge.

Rigler Investment Co., the parent of State Bank in New Hampton, has agreed to buy Green Circle Investments and its $320 million-asset Peoples Trust & Savings Bank in Clive. The banks did not disclose the price.

Rigler said in a press release Thursday that it will maintain separate charters and operate the banks independently. The $373 million-asset State Bank has eight branches in northeast Iowa; Peoples has nine locations in central and west-central Iowa.

“We take pride in being community minded and customer focused,” John Rigler II, State Bank’s CEO, said in the release. Peoples “is very similar to State Bank in terms of shared customer values, size, focus on agricultural and commercial finance.”

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