Security National Bank in Sioux City, Iowa, said Thursday that it has agreed to purchase First Trust & Savings Bank in Moville, Iowa.
Security National declined to disclose the price of the deal, which is expected to be completed in the second quarter.
At $828 million in assets, Security National Bank is the largest bank unit of the $1.2 billion-asset Security National Corp. in Dakota Dunes, S.D. The parent company also owns Northwestern Bank in Orange City, Iowa, and Security National Bank of South Dakota, also in Dakota Dunes.
First Trust had $120.8 million in assets at the end of the third quarter.
The deal would "enable SNB to increase its footprint in western Iowa," D. Douglas Rice, Security National Bank's president, said in a press release.