Central Bancshares Inc. of Muscatine, corporate parent of Freedom Security Bank in Coralville and Kalona, has completed its purchase of branches of Associated Bank in Galesburg, Ill., through its F&M Bank subsidiary in the western Illinois community.
Under the purchaase agreement, F&M Bank assumed all of the accounts held at Associated Bank’s offices at 50 E. Main St. and 1865 N. Henderson St. in Galesburg. The transaction, which included about $66 million in deposits and $18 million in loans, was approved by regulators and completed on May 18.
Customer accounts were converted to the bank’s data processing system over the weekend of May 19-20. Terms of the transaction were not disclosed.
With the purchase, F&M Bank continues to be the largest community-based bank in the greater Galesburg market, with $280 million in total assets and serves an estimated 10,000 households and businesses in the Galesburg area.
Central Bancshares also is the corporate parent of Central State Bank in Muscatine and Wilton and West Chester Savings Bank in Washington.
Central Bancshares is one of the largest bank holding companies in Eastern Iowa and west central Illinois. It has more than $725 million in consolidated assets and operates 12 full-service offices in seven communities.