Bank Iowa Corporation Purchases First State Bank of Colfax
August 30, 2019
Acquisition grows Bank Iowa footprint to 23 Iowa communities served through 26 locations
Bank Iowa Corporation today announced it has added a 23rd Iowa community to the list of those served by the second-largest family owned bank in the state. The $1.4 billion community bank will soon be serving Colfax through the acquisition of First State Bank of Colfax.
First State Bank of Colfax is a $65 million community bank owned by Dentel Bancorporation. Contingent on regulatory approval, the acquisition is expected to close prior to the end of 2019.
“First State Bank of Colfax is a wonderful addition for Bank Iowa,” said Jim Plagge, CEO of Bank Iowa. “The bank has a strong history of providing exceptional client service, and we’re excited about continuing that tradition with the Colfax team. We are also very impressed with the community of Colfax, which fits nicely between Altoona and Newton, two cities we have been proud to serve for more than 20 years.
“Joining with another family-owned financial institution was a high priority for us,” said Robert Dentel, President of Dentel Bancorporation, owner of First State Bank of Colfax. “We are confident they will do an incredible job serving our customers, staff and community.”
James Feudner, Bank Iowa regional president, will oversee the Colfax office. “We are very excited to meet with our new clients in Colfax and look forward to learning how we can help them and fellow community members achieve their financial ambitions.”