Great Western Bank expanding in Iowa, More than 50 branches
Great Western Bank is expanding its reach in Iowa with more than 50 branches after it acquired First Federal Savings Bank of Iowa.
Great Western Bank is adding 11 more locations to serve people in Ames, Ankeny, Burlington, Clive, Fort Dodge, Mount Pleasant, Nevada, Perry and West Des Moines.
Great Western Bank announced in March it was acquiring First Federal. Shareholders of North Central Bancshares, Inc., First Federal's parent, are receiving approximately $41.5 million in connection with the transaction.
"The addition of First Federal was a natural move for us. It was a solid bank with a strong share of deposits," said Ken Karels, Great Western Bank's President and CEO. "The new branches will complement the locations we already have in Iowa and allow us to offer our services to more customers in the state."
According to a news release, Great Western Bank is also interested in the market potential for agricultural lending in Iowa, which is the second largest agricultural producing state in the U.S.
"We are excited to offer the enhanced lending capability of a regional bank to our new customers, while maintaining the relationship focus of a community-based bank, where lending decisions are made in-branch," said Doug Bass, Iowa regional president of Great Western Bank.