Orange City, IA – April 30, 2021 – Vogel Bancshares, Inc (Iowa State Bank) announced today that they have entered into a definitive agreement under which Vogel Banchshares, Inc. will acquire Melvin Savings Bank from Benz Holding Co. Melvin Savings Bank will be merged with and into Iowa State Bank.
Melvin Savings Bank operates two offices in Melvin and Sibley, Iowa. The merger will expand Iowa State Bank’s service area in Northwest Iowa.
“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. “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.”
Iowa State Bank Board Chairman, Drew Vogel said, “Expanding our service area to Osceola County is a strategic opportunity for Iowa State Bank, and a natural extension of our footprint in Northwest Iowa.”
“My brothers and I will miss the close working relationship we have always had with our customers in a bank our great-grandfather started in 1912,” stated 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.”
The merger is anticipated to close during the third quarter of 2021, pending the receipt of regulatory approval.
Iowa State Bank is a locally owned financial institution with a rich history in NW Iowa that dates back to 1879. With over $700 million in assets, Iowa State Bank currently has offices located in the communities of Hull, Ireton, Le Mars, Orange City, Paullina, Remsen, Sanborn, and Sheldon. For more information about Iowa State Bank, visit www.iowastatebank.net