MUSCATINE — Central Bancshares, Inc., a community bank holding company based in Muscatine, announced that it has merged its two wholly owned subsidiaries into one organization. F&M Bank, Galesburg, Illinois, was merged into CBI Bank & Trust, Muscatine, on Feb. 5.
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 more than 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, Iowa; and Brimfield, Buffalo Prairie, Galesburg and Peoria, Illinois.