(Spirit Lake)– Dickinson county’s oldest continual banking operation my be about to change hands.
Robert Currell, President of CDS Bancorp, Incorporated, and Russell G. Olson, President and CEO of Liberty Bank, announced Tuesday they’ve reached an agreement in principle for the sale of First Bank and Trust to Liberty Bank.
First Bank and Trust was established in 1877. It’s been controlled and locally operated by the Currell family since 1945.
Liberty Bank, a subsidiary of Liberty Banshares Iowa, Incorporated, was established in 1998 with the acquisition of Lakes National Bank in Arnolds Park.
Liberty Bank has 27 branch locations with total assets approaching one billion dollars.
In a news release, Olson says the purchase of First Bank and Trust would push total deposits managed by Liberty Bank to nearly 100 million dollars in the local market, making the combined operation the second largest in Dickinson county.
Both Currell and Olson declined further comment on the pending transaction until a more definitive agreement is finalized.
Bank regulatory agencies must also approve the proposed transaction.
