Commercial Federal Bank and The Commercial Trust and Savings Bank of Storm Lake have announced they have signed a purchase agreement for the sale of Commercial Federal Bank's Storm Lake branch office in the Hy-Vee store.
"We are pleased to be able to sell this branch to a company as committed to customers as Commercial Federal Bank has been," said William A. Fitzgerald, chairman of the board and CEO of Commercial Federal Bank. "We feel The Commercial Trust and Savings Bank will continue to serve our customers very well."
The anticipated closing date is scheduled for the early third quarter of this year. The transaction is subject to approval by federal banking regulators, among other conditions. Details of the transaction were not released.
"The Commercial Trust and Savings Bank is excited about this new opportunity," said Tim and John Brown, owners of The Commercial Trust and Savings Bank. "Commercial Federal Bank has built a strong branch in the Hy-Vee Store. We look forward to offering our banking services and products at this new location. The Commercial Trust and Savings Bank plans to keep the Hy-Vee branch open and to retain the same friendly staff."
Read the rest of this story in the 3/31 Pilot Tribune.