MidwestOne completes Iowa First Bancshares acquisition

Iowa City-based MidwestOne Financial Group completed its acquisition of Iowa First Bancshares of Muscatine, the company announced on Thursday.

The deal is worth $46.7 million. The combined company will have approximately $6.2 billion in total assets with more than 60 banking offices throughout Iowa as well as in Minnesota, Wisconsin, Florida and Colorado.

Iowa First Bancshares operates five banking offices in Iowa through its two banks — First National Bank of Muscatine and First National Bank in Fairfield.

Last fall, First National Bank of Muscatine had approximately $361.6 million in total assets with $315.9 million in deposits, and $203.9 million in total loans. First National Bank in Fairfield had approximately $157.6 million in total assets with $137.4 million in deposits, and $100.0 million in total loans.

“This is a natural extension of the MidWestOne geographic footprint as we increase our market presence in Muscatine and Jefferson Counties,” MidWestOne CEO Charles Funk said last fall. “Both First National Banks — Muscatine and Fairfield — have been long-time pillars in their respective communities. Each has a strong deposit franchise and a long history of service in their markets.”

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