In Iowa, Ida Grove-based United Bank of Iowa is buying Marcus-based First Trust & Savings Bank, the Cherokee (Iowa) Chronicle Times reported.
The financial terms of the deal were not disclosed in the report. For reference, SNL valuations for bank and thrift targets in the Midwest region between March 1, 2017, and March 1, 2018, averaged 158.66% of book, 164.32% of tangible book and had a median of 19.54x last-12-months earnings, on an aggregate basis.
Ida Grove Bancshares will enter Cherokee County, Iowa, with three branches to be ranked fifth with an 8.50% share of approximately $404.6 million in total market deposits.
The transaction is subject to regulatory approval and is expected to close in August.
SNL data shows that as of the end of 2017, United Bank of Iowa, a unit of Ida Grove Bancshares Inc., had $1.49 billion in assets. First Trust & Savings Bank, a unit of FT Bancshares Inc., had assets of $37.6 million.
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