Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Bank Plus
Enroll now. Forgot Password?

Mid-Iowa Bancshares to Acquire Swea City Bancorporation

 

Mid-Iowa Bancshares to Acquire Swea City Bancorporation

(Algona, IA – October 2, 2026) -- Iowa State Bank, Algona, Iowa and its holding company, Mid-Iowa Bancshares Co., have entered into a definitive agreement to acquire Swea City Bancorporation, Inc. and its subsidiary bank, Bank Plus, a $157 million community bank headquartered in Estherville, Iowa. The proposed transaction expands Iowa State Bank’s community bank presence while maintaining the shared commitment of both institutions to their customers, employees, communities and shareholders.

 

The parties expect the proposed transaction to close in the first quarter of 2027, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions, including approval by Swea City Bancorporation, Inc’s shareholders. This acquisition expands Iowa State Bank’s service area while welcoming four additional locations and the 25 employees of Bank Plus. “The addition of these offices expands our presence in rural, north central and northwest Iowa and southern Minnesota where we have deep agricultural roots anchored by the small businesses and local neighbors that we have served since 1928,” said Laurie Vitzthum, Chairman, CEO & President of Iowa State Bank. “This acquisition demonstrates our board of directors’ commitment to strategic growth as well as a long-term commitment to local decision-making and community banking for our area.”

 

Established in 1947, Bank Plus has offices in Estherville, Graettinger, Ledyard and Swea City. “Our customers will continue to receive the same trusted services they know today. Bank Plus employees will continue to deliver high-quality customer service as we make this transition in community banking,” remarked Bank Plus CEO & President Kevin Pernick.

 

Iowa State Bank is a $475 million community bank owned by Mid-Iowa Bancshares, Co. of Algona with additional branches in Corwith, Ruthven and Wesley. Until closing, both banks will continue to operate independently. Hunton Andrews Kurth LLP is acting as legal advisor to Mid-Iowa Bancshares Co. and Iowa State Bank, and Bank Advisory Group is acting as their financial advisor in the proposed transaction.