First State Bank Announces the Acquisition of Patriot Bank First State Bank and Patriot Bank are proud to jointly announce their entry into a definitive agreement under which First State Bank will acquire Patriot Bank. The transaction will create a strong partnership bringing together two compatible organizations. This acquisition will increase the level of resources available to provide opportunities for expanded services, as well as the convenience of additional locations. The acquisition is expected to close in the summer of 2014 and is subject to various closing conditions, including regulatory approval. Steve Russell, President and CEO of First State Bank, said, “We would like to welcome Patriot Bank customers to our First State Bank family. This is an exciting opportunity to expand into three very strong communities. We have a great deal of respect for the towns of Brooklyn, Grinnell, and Agency, and feel our dedication to these communities will serve them well.”
Locally owned and operated for over 100 years, First State Bank has a made a tradition of working hand in hand with the communities they serve. With locations in Lynnville and Sully, they have assets totaling $110 million. First State Bank’s products and services will be available to Patriot Bank’s entire customer base, and will provide additional banking locations for all of their customers as well. “Patriot Bank customers will receive uninterrupted service throughout the acquisition, enabling them to continue banking with people they have grown to know and trust,” added Russell.
Patriot Bank was organized in 1904 and is located in Brooklyn, Iowa, with branches in Grinnell and Agency. As a family owned and operated financial institution, they provide a wide range of banking products and have total assets of $55 million. “While I will be retiring from Patriot Bank, the majority of our staff will continue working for First State Bank,” stated Craig Arendt, President and CEO. “I would like to give a special thanks to our Patriot Bank customers for your business and loyalty. The goal is to continue under local ownership with hometown values, and we feel First State Bank is a perfect fit.” First State Bank and Patriot Bank are Members of FDIC.