Hills Bank buying land, planning branch in Washington, Iowa

Hills Bank and Trust Co., the third-largest Iowa-based bank, with $2.1 billion in assets , is planning a full-service office in Washington.

The bank on Friday said it has entered into a purchase agreement to acquire land in the eastern part of Washington, immediately north of a Walmart.

The purchase agreement is subject to approval by the Iowa Division of Banking as well as other conditions for acquiring land.

No timetable has been established for construction, but a tentative goal would be to have the facility built within the next 18 months, according to Hills Bank Vice President Dave Hochstetler, who is coordinating the acquisition.

Hills Bank and Trust has offices in Hills, Cedar Rapids, Coralville, Iowa City, Kalona, Lisbon, Marion, Mount Vernon, North Liberty and Wellman.

The bank, founded in 1904, has about 364 full-time and 59 part-time employees.