First American Bank branches in Fort Dodge and the Des Moines area will be purchased by GreenState Credit Union in a deal that was announced Tuesday afternoon.

The deal will close in the fourth quarter of this year, pending regulatory approval.

Terms of the transaction were not disclosed.

In a statement on its web site, GreenState Credit Union reported that the acquisition represents about $200 million in loans and $500 million in deposits.

It will bring about 10,000 new members into the credit union that was until recently known as the University of Iowa Community Credit Union.

“First American is proud to have served the Fort Dodge and greater Des Moines communities throughout the years,” John A. Fisher, the chief executive officer and president of First American Bank, said in a written statement.

“We are confident that GreenState’s consumer and mortgage business will blend well with our commercial banking and trust services,” he added. “The combination of the two financial institutions will be of great benefit to consumers, small businesses and our respective communities.”

A phone call seeking additional information from Fisher was not returned by late Tuesday night.

“We are excited about the opportunity to enhance the financial well-being of Iowans throughout the Des Moines and Fort Dodge communities, while at the same time providing greater convenience for our existing members living in those areas,” Jeff Disterhoft, the president and chief executive officer of GreenState Credit Union, said in a written statement.

“Financial choice and healthy competition are not only good for our members, but for all Iowans and we look forward to creating lasting value for the consumers we serve in those communities for generations to come,” he added.

On its web site, the credit union reported having $5.5 billion in assets and 200,000 members.

The transaction includes seven First American Bank branches. Two of them are in Fort Dodge at 1207 Central Ave. and 114 N. 27th St.

Also included in the deal are two branches in Des Moines and branches in Clive, Urbandale and Waukee.

First American Bank was established in 1934 and was headquartered in Fort Dodge.

The deal announced Tuesday is the latest in a series of such transactions.

In 2017, Availa Bank acquired the First American branches in Jewell, Roland and Webster City.

Then in March, Availa Bank announced plans to acquire the branches in Ames, Ankeny and Sioux City.

In May, MIDFLORIDA Credit Union announced it was buying the Florida assets of First American. Those assets include branches in Cape Coral and Naples, plus a loan production office in Boca Raton.