Martin Jacobs, President of West Iowa Bank in West Bend, and Kris Ausborn, President & CEO of Iowa Trust & Savings Bank, together announce the sale of the Laurens location of Iowa Trust & Savings Bank, a multi-location bank headquartered in Emmetsburg, to West Iowa Bank.
"We're pleased to add the Laurens location to our organization," states Jacobs. "We appreciate the opportunity to serve our new customers in the Laurens area."
Ausborn commented, "The sale of this branch is a great transaction for all involved. It allows both buyer and seller opportunities to expand and focus strategic business efforts where the management of each organization deems it best."
West Iowa Bank has assets of $103 million. The bank was founded in 1926 and has remained under the same ownership for 87 years. The Laurens location represents $15 million in deposits.
Jacobs also states that there will be no staff changes at the Laurens location, and anticipates new growth in the Laurens market will result in adding staff to support that growth.
West Iowa Bank plans to be operational at the Laurens locations beginning approximately May 1, 2013, and will be contacting the Laurens-area Iowa Trust customers to provide additional information prior to that date.