Muscatine, Iowa-based Central Bancshares Inc. completed the acquisition of Walcott, Iowa-based Walcott Trust and Savings Bank, effective Dec. 12.

The bank will continue to operate under the Walcott Trust and Savings Bank name through the first half of 2020. Central Bancshares then anticipates bringing the bank into the CBI Bank & Trust charter, Central Bancshares President and CEO Greg Kistler said in a news release.

Central Bancshares' total assets have increased to over $1 billion with the acquisition.