Peoples Bank of Indianola has reached a definitive agreement to purchase Pleasantville State Bank in an all-cash transaction.
The acquisition, which is expected to conclude during mid- to late-2014 following regulatory approvals, will create a strong partnership, bringing together two compatible organizations.
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Both banks noted that the deal will boost their available resources to deliver opportunities for expanded services, leveraging thier additional locations.
Peoples Bank president and CEO Kevin Halterman said, "This is an exciting opportunity to expand into a very strong community. We have a great deal of respect for Pleasantville State Bank and we are excited to help them grow."
Peoples Bank manages operation in Indianola, Milo, Lacona and Carlisle, and has assets worth $155m.
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