DUBUQUE — James R. Kennedy Jr., president of Fidelity Co., will acquire State Bank of New Hampton.
The acquisition represents $380 million in total assets. On a combined basis, this organization will have more than $1.3 billion in assets, making it the 10th largest bank holding company in the state of Iowa.
Fidelity Co. currently has 25 banking locations throughout eastern Iowa, southwest Wisconsin and western Illinois. State Bank serves seven Northeast Iowa communities, including Calmar, Charles City, Dike, Janesville, New Hampton, Ossian and two branches in Waverly.
The current bank charters will remain separate and operate independently until a later date.
John Rigler II, chairman/CEO of State Bank, said in a statement, “After 81 years with State Bank the Rigler family was very careful in selecting a buyer.
“The Kennedys, with their similar history and commitment to rural Iowa, rose to the top of our list. It was a very easy decision, given their commitment and culture.”
This acquisition is subject to regulatory approval which is expected to happen in the final quarter of 2018.
The sale is an all cash transaction with an undisclosed purchase price.