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Victor, Iowa-based Farmers Savings Bank to merge into Keystone Savings Bank

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Victor, Iowa-based Farmers Savings Bank to merge into Keystone Savings Bank

Victor, Iowa-based Farmers Savings Bank has agreed to merge into in-state peer Keystone Savings Bank, the Iowa City Press-Citizen reported Aug. 10.

Terms of the in-state deal were not disclosed in the report.

SNL valuations for bank and thrift targets in the Midwest region between Aug. 10, 2017, and Aug. 10, 2018, averaged 157.53% of book, 164.25% of tangible book and had a median of 20.42x last-12-months earnings, on an aggregate basis.

The Federal Reserve on Aug. 27 granted Keystone Community Bancorp.'s waiver of application to acquire Farmers Savings Bank, which is a unit of FSB of Victor Inc., according to a Fed release.

The transition is expected to be finalized later in 2018, the Iowa City Press-Citizen reported. Post deal, Farmers Savings Bank President Tyler Happel will continue to lead the office in Victor.

Keystone Community Bancorp. will expand in Iowa County, Iowa, by one branch to be ranked second with a share of 20.46% of approximately $276.88 million in total market deposits. The company currently operates four branches in Iowa, and had approximately $113.5 million in total consolidated assets as of June 30, according to S&P Global Market Intelligence data.