BankFirst merging with Iowa-Nebraska State Bank in South Sioux City
NORFOLK - An agreement to merge was signed Wednesday by both BankFirst of Norfolk and Iowa-Nebraska State Bank in South Sioux City.
President of BankFirst Clark Froehlich says there was a big reason why they decided to merge with the other bank.
“The amount of additional regulations we see by the government is forcing more and more banks to either get larger or to go out of business. When I got into banking there were over 18,000 banks, today nationwide we’re under 6,000 banks.”
BankFirst currently has locations in Norfolk, Columbus, Wayne, West Point, O’Neill and Ord. They will add Wakefield, South Sioux City and Iowa locations in Onawa and Sioux City.
Froehlich says the merger will take effect in early December with all employees keeping their jobs.