Eastern Iowa banks planning merger

Garnavillo Savings Bank of Garnavillo is planning to merge with Community Savings Bank of Edgewood.

The community banks have submitted the merger for approval by the Federal Deposit Insurance Corp. and the Iowa Division of Banking. It would create a financial institution with assets in excess of $370 million with capital of $40 million.

Community Savings Bank has offices in Cedar Rapids, Robins, Dyersville, Earlville, Edgewood, Greeley and Manchester. Garnavillo Savings Bank has a single office in Garnavillo.

Community Savings Bank is a locally owned, state chartered community bank established in 1910. Garnavillo Savings Bank has been locally owned and operated since 1904.

Bill Robinson, president of Garnavillo Savings Bank, will continue to lead the Garnavillo office for Community Savings Bank.

Discussions for the merger started last fall.

Community Savings Bank opened its Robins office in October 1997. The bank has grown from $85 million in assets in 1998 to assets in excess of $300 million today.