United Bank of Iowa, headquartered in Ida Grove, has reached an agreement with Heritage Bank N.A. to purchase their locations in Anthon, Cushing, Holstein, Aurelia, Alta, and Lytton, Iowa. The sale, subject to regulatory approval, is targeted for completion in October 2019.
Heritage Bank’s two Sioux City locations are not affected by this sale. Heritage will continue serving the Sioux City area, concentrating on mortgage lending and commercial banking from our offices downtown and in Morningside.
Owen C. Bolte, President and CEO of United Bank of Iowa, stated, “With current offices in Holstein and Aurelia and several offices throughout this region, adding these locations will be an excellent fit within our existing footprint. Customers will enjoy the convenience of additional locations and services and can expect the same friendly service.”
Bolte continued, “As the largest ag bank in Iowa, United Bank of Iowa has a strong commitment to support local farmers, families, and business people, while taking an active role in the communities it serves.”
Tom Geiger, CEO of Heritage Bank N.A., added, “Our focus has shifted at Heritage as our business has evolved. We thank our rural Iowa customers for their business and loyalty over the years, yet recognize it is time to part ways. United Bank of Iowa has a strong sense of community and we are confident they will provide the products and personalized service our rural Iowa customers deserve.”
Heritage Bank N.A. is owned by Heritage Bancshares Inc. and chartered in Spicer, MN, with offices in Sioux City, Sioux Falls and central Minnesota. Heritage provides mortgage lending, commercial banking and agricultural banking, as well as deposit products nationwide.
United Bank of Iowa, wholly owned by the holding company, Ida Grove Bancshares, Inc. of Ida Grove, Iowa, has assets exceeding 1.6 billion dollars. With its main office in Ida Grove, United Bank of Iowa has 31 offices serving rural west central Iowa.
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If questions regarding the press release, please contact:
Marcia Cates, V.P. Marketing
United Bank of Iowa