Elkader, Iowa-based LeRoy C. Darby Inc.'s name change to Freedombank Shares Inc. was effective Nov. 14.
"The Darby family has not been involved since 2007 when they sold out," CEO Keith Garms told S&P Global Market Intelligence in an email. "We are just updating."
Leroy and Colleen Darby retired as owners of the bank in July 2007, according to The (Waukon, Iowa) Standard. Shares owned by the Darby family were purchased by the LeRoy C. Darby Inc. employee stock ownership plan, whose trustees include Garms.
Freedombank Shares Inc. is the parent of FreedomBank.