Leighton Investment Company/Leighton State Bank (LSB) and Monroe Bancshares/Monroe State Bank (MSB) jointly announce their entry into a definitive agreement under which Leighton State Bank will acquire Monroe State Bank.
The transaction will create a strong partnership between two culturally compatible organizations. The acquisition is expected to close in the second quarter of 2014, subject to various closing conditions including regulatory approvals.
“We would like to welcome Monroe State Bank customers to our Leighton State Bank family,” said Steve Fopma, President and CEO. “This is a unique and exciting opportunity to combine two well-respected community banks that share a strong commitment to our local communities.”
Monroe State Bank customers will receive uninterrupted service throughout the acquisition, enabling them to continue banking with people they have grown to know and trust, with the same outstanding service, and with a community focused bank. In addition, Leighton State Bank’s quality products and services will be available to the entire customer base. The acquisition will also provide additional banking locations for all customers.
“While I will be retiring from Monroe State Bank, the rest of the staff will continue working at the Monroe location,” stated Darrell Hjortshoj, Co-President and CEO. “A special thanks to our MSB customers for your business and loyalty. The goal is to continue under local ownership with hometown values, and we feel Leighton State Bank is a perfect fit.”
About Leighton State Bank:
We have been locally owned and operated for over 100 years, and are strongly supportive of our communities. With locations in Pella and Leighton, we have approximately $120 million in assets. Providing our customers with outstanding personal service is a priority at Leighton State Bank. We offer a full line of financial products and services, equipping our customers to grow financially strong.
About Monroe State Bank:
Monroe State Bank was organized in 1931 and is located in Monroe, Iowa. As a locally owned and operated financial institution, they provide a wide range of banking products with a commitment to excellent service. Monroe State Bank focuses on community involvement and support. They have approximately $25 million in assets.