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CBI Bank & Trust, F&M Bank Announce Completion of Merger

Monday, February 8, 2021 – For Immediate Release

Muscatine, IA — Central Bancshares, Inc., a community bank holding company based in Muscatine, IA, announced that it has merged its two wholly-owned subsidiaries into one organization.  F&M Bank, Galesburg, IL, was merged into CBI Bank & Trust, Muscatine, IA, on February 5, 2021.  Central Bancshares will continue to be the parent company of the merged bank.  The current locations of CBI Bank & Trust will continue to operate under that name, and the current locations of F&M will operate as F&M Bank, Division of CBI Bank & Trust.

The combined organization has $1.1 billion in assets, 230 employees, and serves over 43,000 consumer households and businesses through its 16 offices in eastern Iowa and western Illinois.  Greg Kistler, President and CEO of Central Bancshares said, “We are pleased to announce the successful merger of our two great banks.  There will be minimal impact to clients, and they will now be able to conduct business at any of our locations.  We remain committed to our core values of independent community banking, local management and decision making, empowered local employees, and support for the communities in which we live and work.”

The combined organization has offices in Coralville, Davenport, Kalona, Muscatine, Walcott, Washington and Wilton, IA, and Brimfield, Buffalo Prairie, Galesburg and Peoria, IL.

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WTSB/CBI Merger Completed

Monday, June 8, 2020 – For Immediate Release

(Muscatine, IA) The merger of Walcott Trust and Savings Bank into CBI Bank & Trust was completed over the weekend of Friday, June 5 through Sunday, June 7, and all customer accounts were converted over to the CBI data processing system.

“We’re pleased to announce the successful completion of our plan that was put in motion last year,” said Greg Kistler, President and CEO of Central Bancshares, Inc., the parent company of both banks. “The fact everything went so smoothly is a testament to months of planning, coordination and hard work by a number of talented individuals throughout our organization. I’m extremely proud of their efforts.”

Walcott Trust and Savings Bank, which was organized in 1893, had total assets of approximately $125 million and served a primary market area of Scott and northeast Muscatine Counties in Iowa through two locations: 101 West Bryant Street in Walcott and 2322 East Kimberly Road in Davenport. It was acquired by Muscatine-based Central Bancshares, Inc. in December, 2019.

The weekend merger lifted CBI Bank & Trust’s total assets to over $650 million. In addition to the two former WTSB locations, it has banking centers in downtown Davenport, Coralville, Kalona, Muscatine, Washington and Wilton in Iowa, and Buffalo Prairie in Illinois, and serves over 20,000 households and businesses.

“We extend a warm welcome to Walcott Trust and Savings Bank clients,” said Bob Howard, President and CEO of Muscatine-based CBI Bank & Trust. “Starting today, they can enjoy the convenience of banking at eleven locations, plus access to a wider array of services such as wealth management, investments, and treasury and cash management services.”

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Bank Purchase Completed

Thursday, December 12, 2019 – For Immediate Release

(Muscatine, IA)  Central Bancshares, Inc. of Muscatine, Iowa has completed the purchase of Walcott Trust and Savings Bank of Walcott, Iowa, effective December 12, 2019.  The transaction was originally announced in August. 

Walcott Trust and Savings Bank, which was organized in 1893, has total assets of approximately $125 million and serves a primary market area of Scott and northeast Muscatine Counties in Iowa through two locations:  101 West Bryant Street in Walcott and 2322 East Kimberly Road in Davenport.

Central Bancshares’ total assets have increased to over $1 billion with the acquisition.  It now operates three banking charters, serving an estimated 34,000 households and businesses, through 16 locations in eastern Iowa and west-central Illinois.  In addition to the Walcott bank, the company owns CBI Bank & Trust with locations in Coralville, Davenport, Kalona, Muscatine, Washington and Wilton in Iowa and Buffalo Prairie in Illinois, and F&M Bank with offices in Brimfield, Galesburg and Peoria, Illinois.  

Customers of the newly-acquired bank will notice little in the way of immediate changes, according to Greg Kistler, President and CEO of Central Bancshares, Inc.

“It will continue to operate under the Walcott Trust and Savings Bank name through the first half of this coming year,” Kistler said. “We then anticipate bringing the bank into the CBI Bank & Trust charter and onto our data processing system. This will open up a wider range of products and services for customers, and enable them to conduct business at nearly a dozen area locations.”

Kistler continued, “We are excited to welcome the customers and employees of the bank to our organization.”

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