(West Des Moines)– A bank with ties to the Iowa Great Lakes Area is purchasing a Des Moines-based financial corporation.
Liberty Bank of West Des Moines says it will purchase Statefed Financial Corporation for 17.6 million dollars.
Statefed has 95 million dollars in total assets; Liberty Bank has 480 million in total assets.
The sale is pending approval by federal regulators and shareholders. Both boards of directors have approved the deal.
Liberty Bank, which has a branch office in Arnolds Park, is owned by Krause Gentle, which also owns Kum and Go Convenience Stores.
(From the Associated Press)
