Carroll County State Bank is buying three branch locations in central Iowa from First American Bank under a purchase and assumption agreement that the two Iowa-based banks have signed, according to a press release posted on kqradio.com. Specifically, the offices are located in Webster City, Jewell and Roland.
The terms of the transaction were not disclosed.
Completion is expected in the first quarter of 2017, subject to regulatory approval. All existing staff of the acquired branches will join Carroll County State Bank, with Scott Bargfrede continuing to work as market president.
SNL data shows that as of Sept. 30, Carroll County State Bank, a unit of Carroll County Bancshares Inc., had assets of $553.4 million. First American Bank, a unit of Stark Bank Group Ltd., had assets of $1.08 billion.