(Estherville)--Iowa State Bank of Algona, and its holding company, Mid-Iowa Bancshares Co., have entered into a definitive agreement to acquire Swea City Bancorporation, Inc. and its subsidiary bank, Bank Plus, a $157 million community bank headquartered in Estherville The proposed transaction expands Iowa State Bank’s community bank presence while maintaining the shared commitment of both institutions to their customers, employees, communities and shareholders.
The parties expect the proposed transaction to close in the first quarter of 2027, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, including approval by Swea City Bancorporation, Inc’s shareholders. This acquisition expands Iowa State Bank’s service area while welcoming four additional locations and the 25 employees of Bank Plus.
Established in 1947, Bank Plus has offices in Estherville, Graettinger, Ledyard and Swea City. Bank Plus CEO & President Kevin Pernick says the bank’s customers will continue to receive the same trusted services they know today.
Iowa State Bank is a $475 million community bank owned by Mid-Iowa Bancshares, Co. of Algona with additional branches in Corwith, Ruthven and Wesley. Until closing, both banks will continue to operate independently.
