Serving O'Brien & Clay Counties
Serving O'Brien & Clay Counties
Iowa State Bank to take over later this year
Melvin Savings Bank has existed since 1912.
Osceola County's only locally owned bank will change hands later this year.
Vogel Bancshares, Inc. (Iowa State Bank), announced this month that it has entered into a definitive agreement to acquire Melvin Savings Bank from Benz Holding Co. Pending the receipt of regulatory approval, the merger is anticipated to close during the third quarter of 2021.
Iowa State Bank has eight locations in northwest Iowa: Hull, Ireton, Le Mars, Orange City, Paullina, Remsen, Sanborn and Sheldon. Its history dates back to 1879 and has more than $700 million in assets.
Melvin Savings Bank operates two locations in Melvin and Sibley. It will be merged with and into Iowa State Bank.
"We are excited about this partnership and look forward to welcoming Melvin Savings Bank's teammates and customers to Iowa State Bank," stated Iowa State Bank's President and CEO Leroy Van Kekerix in a news release. "Melvin Savings Bank is a 109-year-old institution with deep ties in Osceola County and is an ideal fit with our culture as a relationship-driven local community bank. We're looking forward to working with its experienced team of bankers and staff to assist local families and businesses with all of their banking needs."
Melvin Savings Bank's roots date back to 1912.
"My brothers and I will miss the close working relationship we have always had with our customers in a bank our great-grandfather started," said Melvin Savings Bank's Vice President Jim Benz. "Iowa State Bank, like Melvin Savings Bank, is a community bank at heart and will be a benefit to our community, and to our customers."
Iowa State Bank Board Chairman, Drew Vogel was excited to add more locations in northwest Iowa.
"Expanding our service area to Osceola County is a strategic opportunity for Iowa State Bank, and a natural extension of our footprint," he said.
