SOUTH SIOUX CITY -- Clark D. Froehlich, president of BankFirst in Norfolk, Nebraska, and Mark L. Buckley, president, and Ron Bowden, chairman of Iowa-Nebraska State Bank in South Sioux City, have jointly announced the signing of a definitive agreement and plan of merger.
The definitive agreement, which is subject to customary regulatory approval, has been approved by boards of both banks, according to a press release.
“We are very excited to announce the merger with Iowa-Nebraska State Bank,” Froehlich said in the press release. “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.”
“BankFirst is the perfect fit for us” Buckley said. “Together we will be able to provide expanded products and services to our customers with a continued focus and commitment to our area. We also plan to keep the same familiar bankers that have been serving you for many years.”
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, Nebraska. With the merger, they 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.