Iowa-based Pella Financial Group Inc. applied with the Federal Reserve Bank of Chicago to acquire 100% of Iowa State Savings Bank, a unit of Duclarkee Inc.
Terms of the deal were not disclosed in the Federal Register.
S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between March 5, 2018, and March 5, 2019, averaged 161.33% of book and 171.94% of tangible book and had a median of 20.86x last-12-months earnings, on an aggregate basis.
Pella Financial Group will expand into Marion County, Iowa, by three branches to be ranked first with a 51.67% share of approximately $800.6 million in total market deposits.
As of Dec. 31, 2018, Pella Financial Group, the holding company of Marion County State Bank, had $309.5 million in total consolidated assets, while Iowa State Savings Bank had $168.3 million in assets, according to Market Intelligence data.