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Gateway State Bank to merge with sister bank

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Gateway State Bank to merge with sister bank

Clinton, Iowa-based Gateway State Bank and De Witt, Iowa-based First Central State Bank are set to merge on Feb. 4, The Clinton Herald reported Jan. 8.

Both banks are units of Maquoketa, Iowa-based Ohnward Bancshares Inc.

Specifically, Gateway State Bank has $160 million in assets and operates two branches in Clinton and one in Goose Lake, Iowa. On the other hand, First Central State Bank has $400 million in assets and operates branches in DeWitt, Long Grove, Eldridge and LeClaire all in Iowa, according to the publication.

The combined bank, which will operate as First Central State Bank, will have nearly $60 million in capital and seven branches in Clinton and Scott counties in Iowa, according to the report.