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.”
Leighton State Bank has been locally owned and operated for over 100 years, and is strongly supportive of the communities it serves. With locations in Pella and Leighton (Iowa), they have approximately $120 million in assets. Providing customers with outstanding personal service is a priority at Leighton State Bank. They offer a full line of financial products and services, equipping customers to grow financially strong. Please visit www.leightonbank.com to learn more about LSB.