(Spencer)– A local bank is announcing another major acquisition.
Northwest Bank announced today (Tuesday) it’s entered into an agreement to purchase Bank of America’s branch offices in Spencer, Algona, Fort Dodge and Estherville. The purchase is subject to regulatory approval.
Dean Jacobsen, President of Northwest Bank in Spencer, tells KUOO news the latest acquisition allows them an opportunity to further expand their customer base and operations. He says they’ve been in talks with Bank of America for some time already…Click here for comment from Dean Jacobsen
Today’s (Tuesday’s) announcement comes on the heels of Northwest Bank’s acquisition of the former Liberty Bank branches in the Iowa Great Lakes…Click here for comment from Dean Jacobsen
Jacobsen says the acquisition of the Bank of America branches in Spencer, Algona, Fort Dodge and Estherville should be finalized later this summer…Click here for comment from Dean Jacobsen
In addition, First National Bank of Sioux City, a sister bank of Northwest Bank owned by Northwest Financial Corporation, is also acquiring a Bank of America branch in Sioux City.
Northwest Financial Corporation, based in Arnolds Park, is owned by Neal and Dwight Conover and families. Northwest Financial Corp. operates three charters, Northwest Bank of Spencer which has 19 locations; First National Bank in Creston, Iowa with 3 locations and First National Bank in Sioux with 5 locations.
