BREAKING NEWS: AREA BANKS SOLD TO IOWA INSTITUTION

MBT Bank of Forest City, Iowa has acquired banks in Steele, Dodge and Mower counties.
MBT announced late Friday afternoon it has entered into an agreement to acquire Farmers and Merchants State Bank in Blooming Prairie with locations in BP and Austin as well as Citizens State Bank of Hayfield with locations in Hayfield, Dodge Center and Mantorville.
Dennis Busta, president and CEO of MBT Bank said, “For over 75 years, we have served our communities and customers the way F&M and CSB have. We are excited to have these two family owned banks and their employees become part of MBT Bank.”
F&M President Jim Fiebiger of Blooming Prairie said, “Our identical banking philosophy will provide more and better banking products for our customers, but will also maintain the local, friendly banking environment our customers have grown accustomed to.”
F&M has assets of $110 million while CSB has assets of $130 million.
The sale is pending federal approval and is expected to be completed in September.