Central City bank sold to local investors

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A group of local investors has purchased a controlling interest in MSB Corp., owner of City State Bank and City State Insurance Agency of Central City.

Investors in City State Bancorporation include Roger and Angie Baker, Kay Hill, Kent Hill, Brian and Molly Scott, Thomas and Clare Slattery, Monica Vernon, Bruce and Jan Anderson, and the Elizabeth K. Dummermuth Trust, all of the Cedar Rapids area. The investors purchased control of MSB Corp. from the estate of Dorothy Maurice and several of her family members.

John Maurice, former City State Bank president and chairman of the board, will remain an investor in MSB Corp. and a member of the bank’s board of directors.

City State Bank, which opened a branch office in 2007 at 325 Oak Brook Dr. in Marion, recently surpassed $100 million in assets. The bank was founded in 1946 in Central City.

Bruce Anderson will remain president and chief executive officer of City State Bank. Anderson said there will be no management changes within the bank or City State Insurance Agency.

“With the addition of the new local investor group, City State Bank will be positioned to grow in this market,” Anderson said. “The bank is financially sound and growing regionally.”

City State Insurance Agency provides agricultural, commercial and consumer insurance products.

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