Muscatine, Iowa-based CBI Bank & Trust completed its acquisition of Walcott Trust & Savings Bank over the weekend.
Founded in 1893, Walcott Trust and Savings Bank had total assets of $125 million and served a primary market area of Scott and northeast Muscatine Counties in Iowa through two locations Walcott and Davenport.
Susan Daley, who was WTSB’s president and CEO, has been named Scott County market president for CBI Bank & Trust.
“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 CBI parent Central Bancshares, Inc. “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.”
Now $650 million in assets, CBI also has offices in downtown Davenport, Coralville, Kalona, Muscatine, Washington and Wilton in Iowa, and Buffalo Prairie in Illinois.
The $1 billion Central Bancshares also operates Galesburg, Ill.-based F&M Bank.