The Linn County State Bank branch at 1295 Blairs Ferry Road, Marion.

By Dave DeWitte
dave@corridorbusiness.com

 

Community Financial Corp. has signed an agreement to acquire Linn County State Bank, which it plans to merge into its own Community State Bank in mid-2016.

Linn County State Bank is headquartered at 203 E. Main St., Coggon, with one branch at 1295 Blairs Ferry Road, Marion. The bank had assets of $38 million as of Sept. 30.

Edgewood-based Community Financial Corp. plans to acquire the bank by purchasing 100 percent of the outstanding shares of the bank from Iowa State Financial Services Corp. of Fairfield, according to Steve Brady, president of Community Financial Corp.

“We are looking forward to receiving regulatory approval and completing the stock purchases prior to year-end,” Mr. Brady said. “Linn County [State Bank] is a solid local institution with a great staff and base of business.”

Community Savings Bank, which is held by Community Financial Corp., has existing Linn County locations in Robins and Cedar Rapids. It plans to retain the current staff and management of Linn County State Bank after the acquisition, Mr. Brady said.

“The addition of Linn County [State Bank] gives us an even broader presence in Marion, Cedar Rapids, Coggon and the entire Linn County market,” he said. “We feel our ag department and community involvement will be a welcomed addition to the Coggon area.”

Community Savings Bank has total assets of $328 million. The planned acquisition will bring to 11 its total number of branches, including offices in Edgewood, Manchester, Earlville, Dyersville, Greeley, Garnavillo, Guttenberg, Robins, Cedar Rapids, Coggon and Marion.

Linn County State Bank in Coggon has been in operation since Sept. 17, 1945, according to the Federal Deposit Insurance Corp., while the Marion branch has been in operation since Feb. 15, 2008.

Other terms of the acquisition, which is currently undergoing regulatory reviews, were not disclosed.