Wright County branch banks purchased
First National Bank, headquartered in Waverly, is set to acquire three bank branches from Farmers and Merchants Savings Bank, the company has announced.
First National Bank has an agreement in place to acquire Security Savings Bank offices in Eagle Grove, 201 W. Broadway; Goldfield, 435 Main St.; and Clarion, 322 Central Ave. E.
“First National Bank has 155 years of serving our communities, and we are excited about this opportunity to expand to these three new communities,” said Susan Whitson, CEO of First National Bank. “We have a well-earned reputation for taking care of our customers, taking care of our employees, and for being an active member of our communities.”
Nathaniel W. Dunn, F&M Bank president and CEO, welcomes the transition.
“It has been a pleasure to serve our clients in Wright County for many decades,” Dunn said. “I believe the three Security Savings Bank branches will definitely benefit from First National’s commitment to community banking with their own personal touch.
Dunn added, “First National Bank has a deeply rooted tradition in caring for their team members, clients, and communities they serve. The Security Savings Bank team and clients will both benefit from First National’s focus on the agricultural markets. The sale will allow F&M Bank to continue focusing on operational efficiencies, as well as redeploying its capital into metro markets.”
With the acquisitions, First National Bank will have seven offices in north central and northeast Iowa.
“With a strong agricultural background, we feel First National Bank is a good fit for communities of Eagle Grove, Goldfield, and Clarion,” said Steve Willemssen, president of First National Bank. “First National Bank will continue to provide excellent customer service as well as offer a full range of financial products and services to our new customers. Our mission is to help all our customers succeed with their personal and business financial goals.”
The transaction is anticipated to close during the third quarter of 2019.