Community Bancshares Corp, parent company of Community Bank has announced the signing of an agreement of acquisition with TruBank, also of Iowa, subject to regulatory approval anticipated in the second quarter of 2016.
Community Bank, established in 1883, operates five banking locations in Indianola, Norwalk, Des Moines and Newton. Locations in West Des Moines, Oskaloosa and What Cheer will be added as a result of the acquisition for a total of eight Iowa locations to serve the Community Bank/TruBank customer base. Community Bank’s headquarters will remain in Indianola.
This consolidation creates an estimated combined asset value of $300 million. With this increase in size Community Bank will have the opportunity to better serve its customers through increased offerings and products in a more efficient capacity.
“As we continue to look for growth opportunities in the Central Iowa region, the purchase of TruBank organization is an excellent fit for our customers. Our dedication to community banking runs parallel, our geographic locations are strong and our product offering complimentary. This purchase provides us the opportunity to offer a larger branch network, which will accelerate our ability to meet the expanding needs of the market today while allowing us to maintain our strong commitment to all of our existing communities,” Community Bank President and CEO Keith Welling said.