F&M Bank of Manchester on Wednesday announced plans to expand its Eastern Iowa presence with a branch in Monticello.
The bank, with assets in excess of $350 million, plans to open an office on Feb. 1, 2014, in the Bank of the West location at 111 E. First St. in Monticello, pending regulatory approval.
Bank of the West will close its Monticello office on Jan. 10, 2014.
Keith Kramer, executive vice president of F&M Bank, said the Monticello branch will offer a full line of banking services, including checking, savings and time deposits, personal and business loans, and trust services.
F&M expanded to Cedar Rapids in 1994 with an office at 4000 First Ave. NE and added a second office at 200 First St. SW in 2002. The bank opened a branch at 220 W. Main St. in Anamosa in 2004.
"The concentration of F&Mís efforts will be toward small to medium size businesses, industries, ag and professional entities," said Lisa Diers, Anamosa branch manager. "I can see a need for these services through the relationships that I have developed with the Jones County Young Professionals Group, Ignite."
Michael Dunn, president of F&M Bank, said the organization's success has come from building relationships, rather than pushing products.
"Weíre pleased that we can provide our strength and stability to this new market," Dunn said. "We think our ability to provide commercial banking services in a sound and prudent manner will assist with the local marketís growth.
"We will only succeed if our clients succeed."