WEBSTER CITY - Management of Webster City Federal Savings Bank officially announced Friday intentions of acquiring Independence Federal Bank for Savings in Independence.
The announcement came following the annual meeting of stockholders and after official notification from the Federal Reserve and the Office of the Comptroller of Currency of receipt of the merger and acquisition application.
"We are excited at the opportunity to expand our operations to the community of Independence," said Webster City Federal Savings Bank President and CEO Stephen Mourlam. "Similar to our bank, Independence Federal has been a staple to their community for over 75 years and we anticipate continuing that dedication to providing safe, sound and secure financial services at both locations for another 75."
The application is subject to extensive review from federal regulatory agencies before consummation can be completed but Mourlam said he anticipates the merger should be completed by September 2013.