Linn County State Bank sold

Community Financial Corp., corporate parent of Community Savings Bank in Edgewood, has acquired Linn County State Bank, expanding its market presence in Eastern Iowa.

Linn County State Bank, with headquarters in Coggon and a branch in Marion, was chartered in September 1945. It had been owned by Iowa State Financial Services Corp. of Fairfield, which sold 100 percent of the outstanding shares of the bank to Commercial Financial.

Linn County State Bank had assets of $38 million on Sept. 30, 2015, according to the Federal Deposit Insurance Corp. The bank, which opened a 4,000-square-foot office in the fall of 2006 at 1295 Blairs Ferry Road in Marion, employs about 10 people.

Pending regulatory approval, Community Financial will merge Linn County State into Community Savings Bank and retain the existing staff and management.

'Linn County State Bank is a solid community institution,” said Steve Brady, president of Commercial Financial, in a news release. 'This addition gives us a broader presence in Marion/Cedar Rapids, Coggon and the entire Linn County market to better serve our customers.”

Community Savings Bank, chartered in Edgewood, had assets of $328 million on Sept. 30. The bank has offices in Cedar Rapids, Dyersville, Earlville, Garnavillo, Greeley, Manchester and Robins. Brady said discussions began in the fall for the merger.

The acquisition of Linn County State Bank marks the second merger in recent months for Community Financial. It completed a merger with Garnavillo Savings Bank in November 2015.