State Bank, with eight locations across northeast Iowa, is being sold to Fidelity Bank of Dubuque.
State Bank president Pat Gebel says the owners decided to move their interests toward estate planning and charitable giving and Fidelity Bank is a good fit.
“They run their banks very similar to how we run our banks as stand-alone community banks,” Gebel says. “They’re much bigger and have more resources. I think we’ll see a substantial uptick in how we perform behind the scenes with technology.” The eight State Bank branches will become part of Fidelity’s 34-branch system, reaching from eastern Illinois to Charles City.
Gebel says State Bank will keep its name until next summer. After the sale, he says there won’t be many other changes customers would notice. “Change is difficult but as time has gone on, we’ve met their team and it’s hard not to feel really comfortable with them,” Gebel says. “They’re a family-owned bank and they do very well in the markets they serve and there’s a lot of reason to be excited about the changes that are coming.” The acquisition represents $380 million in total assets. On a combined basis, the new organization will have more than $1.3 billion in assets, making it the 10th largest bank holding company in Iowa.
Gebel says the ownership change doesn’t affect any current State Bank programs and the staff will stay the same. “When you do bank with a local community bank, we get to know our customers really well and we understand their needs and operations, especially in the ag sector,” Gebel says. “They’ll continue to walk in and see the same people and get the same great service.”
State Bank has branches in: Calmar, Charles City, Dike, Janesville, New Hampton, Ossian and two locations in Waverly.
(By Kellan Heavican, KCHA, Charles City)