Three northeast Iowa banks plan to merge to form one of the largest financial institutions in the area. Peoples State Bank of Elkader, Union State Bank of Monona,and Postville State Bank have submitted an application to consolidate into what would be know as Freedom Bank.
The merger still has to be approved by the F-D-I-C and the Iowa Department of Banking. The consolidation could be complete by this summer. All three financial institutions have been using the same computer system for the last year. The banks administrators say the merger is expected to increase efficiency and reduce expenses. All officers and employees at the three banks will remain in place.