SIOUX FALLS SD (April 26 2010) – Great Western Bank has finalized its acquisition of all 10 branches of F&M Bank-Iowa, a subsidiary of Citizens Republic Bancorp., headquartered in Michigan. This acquisition establishes a strong foothold for Great Western Bank’s operations in the Midwest. As part of this acquisition, Great Western Bank has acquired approximately $412 million in deposits and nearly $134 million in selected loans.
“These branches represent real opportunities for our bank and our new customers,” said Jeff Erickson, Great Western Bank President and Chief Executive Officer. “The addition of the F&M Bank-Iowa branches is consistent with our strategic growth plans and gives us the opportunity to leverage our financial stability and expand, particularly in the areas of consumer, business and agricultural banking. Our new customers can be confident being part of a strong, financially sound bank.”
With the addition of the F&M Banks, Great Western Bank will have 38 locations in Iowa for customers to do business and over 20,000 Surcharge Free ATMs nationwide.
Great Western Bank is a $6 billion, high-performing, community bank with over 137 locations across Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska and South Dakota.
Great Western Bank’s parent company, National Australia Bank Limited (NAB), is an international AA rated financial services organization that provides a comprehensive and integrated range of financial products and services. NAB’s portfolio of businesses includes NAB in Australia, BNZ in New Zealand, Clydesdale and Yorkshire Banks in the UK and Great Western Bank in the US. NAB has more than 10 million customers, nearly 40,000 employees, over 400,000 shareholders and total assets of $550 billion.