John Rigler II, president/CEO of State Bank and chairman of Rigler Investment Company, announced Thursday a definitive agreement has been signed to acquire all the outstanding shares in Green Circle Investments Inc, and its wholly owned subsidiary, Peoples Trust & Savings Bank.
State Bank has eight banking locations in northeast Iowa including Calmar, Charles City, Dike, Janesville, New Hampton, Ossian, and two locations in Waverly. Peoples Trust & Savings Bank serves nine central and west central Iowa communities including Adel, Clive, Grand Junction, Guthrie Center, Jefferson, Ogden, Rippey, Scranton and Waukee. This acquisition will give the organization locations in two of the most desirable parts of Iowa. The charters will remain separate and operate independently.
“At State Bank, we take pride in being community minded and customer focused. Peoples Bank is very similar to State Bank in terms of shared customer values, size, focus on agriculture and commercial finance,” said Rigler. “The Peoples board and shareholders, including chairman Robert Latham, have don an exceptional job in growing Peoples Bank from a $23 million bank in 1991, operating only in Grand Junction and Rippey, to th significant bank that it has become today.”
Latham added, “We have had a very good run at Peoples and are pleased to place the bank in these strong Rigler hands.”
The acquisition represents $325 million in assets while Rigler Investment Company’s State Bank represents $375 million in assets, making it one of the25 largest community banking companies in Iowa.
This acquisition is subject to regulatory approval which is expected to happen in fall 2017. The sale is an all cash transaction with an undisclosed purchase price.