BankFirst announces merger with South Sioux bank
BankFirst of Norfolk and Iowa-Nebraska State Bank in South Sioux City announced Wednesday that an agreement has been signed to merge.
“We are very excited to announce the merger with Iowa-Nebraska State Bank,” said Clark Froehlich, president of BankFirst. “The merger will join together two strong community banks that share a similar culture of commitment and service to the people in the area. The Iowa–Nebraska Board and team have built a strong bank with great customer relationships. We look forward to continuing that legacy and growing together.”
The merger agreement, which is subject to customary regulatory approval, has been approved the boards of directors of both banks.
“BankFirst is the perfect fit for us” said Mark Buckley, president of Iowa-Nebraska State Bank. “Together we will be able to provide expanded products and services to our customers with a continued focus and commitment to our area.”
Buckley and Ron Bowden, chairman of Iowa-Nebraska State Bank, said plans are to keep the existing bank personnel in place because of their long-term working relationships with customers.
It is anticipated that the merger of the banks could occur in the fourth quarter of this year.
BankFirst currently operates in Norfolk, Columbus Wayne, West Point, O’Neill and Ord. With the merger, BankFirst will be adding the communities of Wakefield and South Sioux City in Nebraska and Onawa and Sioux City in Iowa.
Total assets will be approaching $700 million with close to $500 million in deposits and another $500 million in loans.