Kingsley, Iowa-based Kingsley State Bank is set to merge into Council Bluffs, Iowa-based Midstates Bank NA, according to information on the bank's websites.

The transaction is expected to close May 1, subject to regulatory approval. Financial terms of the deal were not disclosed.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Feb. 19, 2018, and Feb. 19, 2019, averaged 161.26% of book, 171.42% of tangible book and had a median of 21.94x last-12-months earnings, on an aggregate basis.

Harlan, Iowa-based Midstates Bancshares Inc., the parent company of Midstates Bank, will enter Woodbury County, Iowa, with one branch to be ranked No. 14 with a 1.59% share of approximately $2.41 billion in total market deposits. The company will also enter Plymouth County, Iowa, with two branches to be ranked third with a 13.97% share of approximately $921.87 million in total market deposits.

After deal completion, the combined bank will have more than $500 million in assets.

Kingsley State Bank is a subsidiary of Kingsley Banc Corp.