First National Bank of Muscatine has announced it will merge with MidWestOne Bank in a deal expected to be completed by early spring 2022, pending regulatory approval.
The institutions said in a press release Monday that customers can expect continued communications to welcome them to MidWestOne, prepare for the conversion, and address any questions that they may have.
FNB of Muscatine has four locations, while MidWestOne operates a branch in West Liberty.
The two organizations have signed a definitive agreement in which MidWestOne Financial Group, Inc., the parent company of MidWestOne Bank, will acquire Iowa First Bancshares Corp., the parent company of First National Bank of Muscatine.
The agreement will broaden MidWestOne’s footprint into the important and growing Muscatine market and provide key resources to support Muscatine’s future growth.
“FNB Muscatine has a long history as a community- and family-focused bank in Iowa,” said MidWestOne Chief Executive Officer Charlie Funk.
“For more than 151 years, they have been helping families, farmers, and businesses grow and prosper. We look forward to continuing that rich heritage and providing them with the resources and support – and financial strength that MidWestOne is known for – to help secure their future for decades to come.
“Like FNB Muscatine, we are a family-oriented community bank with a strong Iowa presence and historic roots in the state. Additionally, our two organizations are closely aligned culturally. We are committed to our employees and the communities in which we operate. We firmly believe that our two organizations will be better and stronger together.”
Founded in 1934 and headquartered in Iowa City, MidWestOne operates 56 banking offices in Iowa, Minnesota, Wisconsin, Florida and Colorado.
Establishing a presence in Muscatine broadens MidWestOne’s footprint in its home state and its ability to serve customers in an important and growing market.
“This is a significant milestone for our company. It marks the culmination of our search for a like-minded partner to strengthen and secure our presence in Muscatine, provide additional support and resources to the bank for continued growth, and offer our valued employees a path to long-term success. We’ve found that ideal partner in MidWestOne,” said D. Scott Ingstad, Chairman of Iowa First Bancshares Corp.
“We are encouraged by MidWestOne’s demonstrated commitment to its employees and communities. We look forward to our future together and the to the opportunity to make Eastern Iowa a better place to live and raise families. Iowa First Bancshares Corp. plans to contribute
$250,000.00 to the MidWestOne Foundation at the close of the merger. This gift will be given to support the communities we serve into the future,” said Debra R. Lins, First National Bank of Muscatine President & CEO.