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Bank Iowa to acquire First State Bank of Colfax

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Bank Iowa to acquire First State Bank of Colfax

West Des Moines, Iowa-based Bank Iowa Corp. on Aug. 30 said it will acquire Colfax, Iowa-based First State Bank of Colfax.

The acquisition is expected to close before the end of 2019. Bank Iowa Regional President James Feudner will oversee the Colfax office once the deal closes.

Financial terms of the deal were not publicly disclosed.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Aug. 30, 2018, and Aug. 30, 2019, averaged 149.68% of book and 152.08% of tangible book and had a median of 19.07x last-12-months earnings, on an aggregate basis.

Bank Iowa will enter Jasper County, Iowa, with one branch. This will be ranked third with a 14.39% share of approximately $657.94 million in total market deposits.

As of June 30, Bank Iowa had about $1.34 billion in consolidated assets, while First State Bank of Colfax had about $64.3 million in assets, according to S&P Global Market Intelligence data.

Dentel Bancorp. is the parent of First State Bank of Colfax.

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