Bank Iowa Corporation announced it closed on the acquisition of First State Bank of Colfax. The purchase brings the second-largest family-owned bank from $1.3 billion in assets to $1.4 billion in assets and adds a 23rd community to the list of those the bank serves.
First State Bank of Colfax officially began operating as Bank Iowa Monday. The $65 million community bank was previously owned by Dentel Bancorporation.
“We are pleased to announce that we are officially serving the Colfax community as of today,” Jim Plagge, CEO of Bank Iowa, said. “We have begun integrating the two banks’ systems and onboarding Colfax clients to Bank Iowa products and services. The remodel of the current building will begin soon, and we look forward to celebrating its completion with the community in 2020.”
James Feudner, Bank Iowa regional president, will oversee the Colfax office. “Colfax is a great town and we are really excited about becoming a part of the community.”