Midwest Heritage Bank, FSB, a Hy-Vee company, announced that it has entered into an agreement to acquire Iowa Savings Bank, a community bank headquartered in Carroll, Iowa.
The completion of this acquisition will allow Midwest Heritage to expand its footprint in western Iowa while welcoming Iowa Savings Bank’s four branch locations and 33 employees. The acquisition aligns with Midwest Heritage’s strategic growth strategy and strengthens its commitment to relationship-focused community banking across Iowa and the Midwest.
“For more than a century, Iowa Savings Bank has served its communities with a strong commitment to community engagement, personalized service and local decision-making,” said Tony Kaska, Chairman & CEO, Midwest Heritage. “They are an excellent cultural fit for Midwest Heritage, sharing our values as a community bank and our focus on building long-term relationships with our customers.”
Founded in 1902 in Coon Rapids, Iowa, Iowa Savings Bank provides a full range of banking products and services to personal and commercial customers throughout western Iowa. In addition to traditional banking services, Iowa Savings Bank operates a Trust division which offers fiduciary, estate planning, farm management and trust administration services, further enhancing Midwest Heritage’s ability to deliver comprehensive financial solutions to its customers.
The addition of Trust services further expands Midwest Heritage’s wealth management capabilities. While Midwest Heritage currently offers investment and insurance solutions to help customers grow and protect their assets, the acquisition of Iowa Savings Bank brings additional expertise in estate planning, asset transfer, and legacy management. Together, these services create a more comprehensive and integrated wealth management platform, allowing customers to plan, manage and preserve their financial futures across generations.
“Joining Midwest Heritage allows us to continue serving our customers and communities with the same local focus they expect, while gaining access to additional resources and expanded financial services,” said Bill Hess, Chairman & CEO, Iowa Savings Bank. “We believe this partnership creates new opportunities for our customers, employees, and the communities we serve.”
Midwest Heritage is a full-service financial institution with nine branch locations and nearly 150 employees, offering personal and commercial banking, insurance and investment services.
The transaction is subject to customary regulatory review, approvals and closing conditions.