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State Bank of Oskaloosa to Join Everest Bank

By Submitted

04/02/2015

(KNZA)--The State Bank of Oskaloosa has announced that an application will be submitted to the Federal Reserve Board of Governors requesting permission to complete an acquisition of the bank by the Union State Bank of Everest.

Final approval and completion of the transaction is expected within 90 days of the acceptance of the application by the Federal Reserve.

State Bank of Oskaloosa President and CEO Larry Bowser says the process represents an important step to remaining competitive and serving their customers.

Steve Handke, president and CEO of Union State Bank, said the transaction represents an opportunity for Union State Bank to draw together the rich traditions and expertise of two outstanding banking organizations.

Following the acquisition, the bank’s combined assets will approach $300 million.

Following regulatory approval, the State Bank of Oskaloosa will become a branch of the Union State Bank and retain its name, Bowser family management team, and bank staff. The State Bank of Oskaloosa will continue to serve their customers as a locally managed community bank. The bank, which was chartered in 1887, currently has total assets in excess of $28 million.

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