Farmers & Merchants banks in BP, Hayfield acquired in merger
Published 5:26 pm Friday, September 17, 2021
MBT Bank, with branches in Iowa, has entered into an agreement to acquire Farmers & Merchants State Bank of Blooming Prairie (F&M) and Citizens State Bank of Hayfield (CSB).
According to F&M’s website, MBT Bank will acquire F&M, with locations in Blooming Prairie and Austin, and CSB, with locations in Hayfield, Dodge Center, and Mantorville.
“For over 75 years, we have served our communities and customers the way F&M and CSB have,” said Dennis Busta, president and CEO of MBT Bank. “We are excited to have these two family owned banks and their employees become part of MBT Bank.”
“Farmers and Merchants State Bank is excited to announce the merger between our community bank and MBT Bank,” Jim Fiebiger, President of F&M 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.”
“This merger is a great opportunity for our banks, staff, and communities to move forward with MBT,” said Mark Miedtke, President of CSB. “We take pride in offering personal customer service through our dedicated employees and will retain our current staff that our customers are used to seeing.”
F&M has assets of $110 million and CSB has assets of $130 million. Subject to regulatory and shareholder approval, MBT Bank expects to close on the transaction in September and upon completion, MBT Bank will have total assets of $680 million.