West Iowa Bank announced recently that it has entered into a definitive agreement to acquire Royal, Iowa-based Home State Bank.
Officials with the bank said the acquisition will allow West Iowa to expand its footprint in the northwest part of Iowa while strengthening its commitment to relationship-based community banking. The two banks, both will local roots and shared values, will continue to serve agricultural producers, small businesses and local families.
“This agreement allows us to expand our community banking model into Royal while preserving the relationships and trust Home State Bank has built over generations,” Keith Deitering, president and CEO of West Iowa Bank, said. “Our organizations share a common culture centered on customers, community involvement, and support for rural economies.”
Home State will continue to operate with its local team following the transaction, officials said. Over time, Home State’s customers will benefit from an expanded suite of banking products, enhanced digital capabilities and increased financial resources.
“This partnership is a positive step for our customers, employees, and community,” said David Rayner, President and Cashier of Home State Bank. “Our customers will continue to receive the same personal service they expect, while gaining access to enhanced products, technology, and lending capacity.”
Until closing, both banks will continue operating independently. The transaction is subject to all regulatory approvals and customary closing conditions.