NEW HAMPTON, Iowa — Rigler Investment Co./State Bank of New Hampton has announced its purchase of Green Circle Investments Inc. and its wholly owned subsidiary, Peoples Trust and Savings Bank.
John Rigler II, chairman of Rigler Investment Co. and president/CEO of State Bank, said Peoples Bank is similar to State Bank in terms of customer values and size, with a focus on agricultural and commercial finance.
The acquisition by Rigler Investment Co. is subject to regulatory approval, which is expected this fall. The value of the all-cash transaction was not disclosed.
Green Circle’s People’s Trust represents $325 million in assets, and Rigler’s State Bank represents $375 million in assets. The combined assets will make it one of the 25 largest community banking companies in Iowa.
The charters will remain separate and operate independently, according to the terms of the sale. The names of the banks will not change.
People’s Trust and Savings Bank has nine locations in central and west central Iowa, including Adel, Clive, Grand Junction, Guthrie Center, Jefferson, Ogden, Rippey, Scranton and Waukee.
State Bank operates eight banking locations in northeast Iowa, including branches in Calmar, Charles City, Dike, Janesville, New Hampton, Ossian and two locations in Waverly.
The purchase makes Rigler Investments the third owner of People’s Trust during its 100-year history.