South Dakota-based Great Western Bancorporation says it has completed its $41.5 million purchase of the company that owns First Federal Savings Bank of Iowa.
The corporate parent of Great Western Bank says its acquisition of North Central Bancshares adds 11 locations, boosting the number of Great Western Bank branches in Iowa to more than 50. The deal was first announced in March.
Great Western President and Chief Executive Ken Karels says the purchase was a natural move for the company, adding a solid bank with a strong share of deposits.
Great Western says it is also interested in the market potential for agricultural lending.
The company has assets of more than $8 billion, with 200 locations throughout Iowa, Nebraska, Arizona, Colorado, Kansas, Missouri and South Dakota.