City State Bank of Central City, with an office in Marion, officially changed its name to NXT Bank on Friday and closed a definitive agreement for the acquisition of five Liberty Bank branches in Eastern Iowa.
With the purchase of the Liberty Bank branches in Cedar Rapids, Cedar Falls, Coralville and Waterloo, NXT Bank expanded its branch network to seven and its ATM network to nine, stretching from Johnson County to Black Hawk County.
NXT Bank also acquired Liberty Bank ATMs in Iowa City’s Pedestrian Mall and Hotel Vetro.
Bruce Anderson, president and CEO of NXT Bank, said the new name is the first step in the bank’s brand evolution to introduce the next level of banking to Iowa.
NXT Bank has grown from $80 million in assets to $175 million in assets since 2008. With the close of the Liberty Bank transaction, NXT Banks’s assets are more than $240 million.
Terms of the transaction were not disclosed.