Charles City, Iowa – State Bank in Charles City and New Hampton, along with its six other Northeast Iowa locations, is being sold.
The bank’s president, Pat Gebel, tells KCHA and 95.1 The Bull the owners of State Banks have decided to move their interests toward estate planning and charitable giving. Fidelity Bank of Dubuque has made the purchase.
The eight State Bank Branch locations will become part of Fidelity’s 34-branch system, reaching from Eastern Illinois to the northernmost branch in Charles City. The acquisition represents 380 million dollars in total assets. On a combined basis, this organization will have more than one-point-three billion dollars in assets, making it the 10th largest bank holding company in the state of Iowa. He says State Bank will keep their name until the summer. After the sale, there won’t be many other changes.
Gebel says the ownership change doesn’t affect any current programs the bank has now and the employees will stay the same.