SIOUX FALLS, SD, June 25, 2012 – Great Western Bank has completed the acquisition of First Federal Savings Bank of Iowa (“First Federal”), which was announced in March 2012. Shareholders of North Central Bancshares, Inc., First Federal’s parent, are entitled to receive approximately $41.5 million in the aggregate in connection with the transaction. With the addition of 11 locations, the number of Great Western Bank branches in Iowa will climb to over 50. The added branches will serve customers in Ames, Ankeny, Burlington, Clive, Fort Dodge, Mount Pleasant, Nevada, Perry and West Des Moines.
Great Western Bank Expands in Iowa06/25/2012
“The addition of First Federal was a natural move for us. It was a solid bank with a strong share of deposits,” says Ken Karels, Great Western Bank’s President and CEO. “The new branches will complement the locations we already have in Iowa and allow us to offer our services to more customers in the state.”
“Since the acquisition began, Great Western Bank has focused on ensuring a smooth transition for First Federal customers,” says Doug Bass, Iowa regional president of Great Western Bank. “We are excited to offer the enhanced lending capability of a regional bank to our new customers, while maintaining the relationship focus of a community-based bank, where lending decisions are made in-branch.”
The acquisition allows Great Western Bank to improve convenience for customers in Iowa who will now have access to more than 50 branches across Iowa and 20,000 plus surcharge-free ATMs in the United States.
Great Western Bank is also interested in the market potential for agricultural lending in Iowa, the second largest agricultural producing state in the U.S. Former First Federal customers will now have access to financial services and more than 150 years of experience in agricultural lending.
Great Western Bank has a long history of involvement in and support of the individual communities they serve. Employees donate thousands of hours to organizations, such as the Make-A-Wish Foundation, American Cancer Society and the American Red Cross each year. In addition, Great Western Bank gave over $975,000 back in the form of donations and sponsorships across seven states in 2011.
About Great Western Bank
Great Western Bank is a regional, Midwestern bank with core relationship banking values, over $8 billion in assets and an agribusiness and commercial & industrial lending focus. Headquartered in Sioux Falls, South Dakota, Great Western Bank has nearly 200 banking locations across Iowa, Nebraska, Arizona, Colorado, Kansas, Missouri and South Dakota. Great Western Bank’s ultimate parent company, National Australia Bank Limited, is an international financial services organization with over $750 billion in assets.
For more information about Great Western Bank: Fact Sheet