Muscatine, Iowa-based CBI Bank & Trust ($515.3 million) is buying theDavenport, Iowa, office of Iowa City, Iowa-based ($1.74 billion),according to a May 9 news release.
The terms of the deal were not disclosed.
In the purchase of MidWestOne Bank's only office in the QuadCities area, CBI will acquire all accounts held at the office which consists ofroughly $12 million in deposits and $33 million in loans.
The transaction is set to close during the third quarter andis still subject to regulatory approval. The branch would be CBI's first in theQuad Cities, although the bank said it already has several commercial andmortgage loan customers in the area.
CBI Bank & Trust is a unit of , whileMidWestOne Bank is a subsidiary of MidWestOne Financial Group Inc.