Bank Plus President and CEO John Folsom has announced that Bank Plus has entered into an agreement to purchase the State Bank of Ledyard. The sale is anticipated to close prior to year-end and is subject to regulatory approval.
"The ownership and employees of the State Bank of Ledyard have served the financial needs of their community and surrounding area for many years, particularly their local agricultural community," said Folsom. "Bank Plus is a similar locally owned community bank serving an adjacent area with a diverse selection of safe and secure financial products and services. The combination of both banks will only enhance the ability for us to continue to serve our present and future customers."
Bank Plus, with offices in Estherville, Graettinger and Swea City, traces its roots to the 1947 opening of Swea City State Bank. Purchased by its current local ownership group in 1984, the institution's name was changed to Bank Plus in 1997.
With more than 65 years of community banking experience across Northwest Iowa and Southwest Minnesota, the goal at Bank Plus is to provide each and every one of its customers with the financial products and services they need, with the respect and confidentiality they deserve.
The two banks will have combined assets of $115 million with offices in Estherville, Graettinger, Swea City and Ledyard.