First National Bank in Creston announced Friday it has entered into an agreement to purchase Century Bank, located in Shenandoah. The purchase is subject to regulatory approval.
First National Bank intends to complete the purchase by April 17, 2020. Prior to that date, Century Bank customers will receive a letter providing additional details concerning their accounts and are encouraged to visit www.fnbcreston.com to learn more about First National Bank.
“This acquisition opportunity supports our strategic plan of growing in an area that we are familiar with and we’re excited to add the vibrant Shenandoah community and our innovative, safe and secure financial products and services to the Century Bank customers,” said Randy Huewe, president and CEO at First National Bank. “We are truly committed to our customers, our employees and supporting the communities we serve. We look forward to furthering our presence in southwest Iowa, and we will work hard to provide banking excellence for our new customers, support for our new community along with a rewarding and engaging work environment for our new team members.”
Greg Ritchey, president of Century Bank, said he’s excited about this next chapter as both banks are united by a common banking and community-minded philosophy.
“This acquisition by First National Bank of Creston also allows our bank to benefit from the resources of a much larger organization while maintaining the same staff, local decision making and understanding of the community that has helped make our bank successful for more than 100 years in Shenandoah,” Ritchey said.
“It makes us more financially able to serve a larger market, grow the business and serve the community,” Huewe said. “The big thing I’m looking forward to is being able help the community in Shenendoah like we help the community in Creston move forward and be progressive and make the communities a better place that people want to live.”
Ritchey will join the board of directors of First National Bank and stay on at the Shenendoah bank for a period of time before retiring.
First National Bank in Creston was chartered in 1871 and is a family-owned, full service community bank that specializes in commercial, ag and personal banking.
First National Bank is part of Northwest Financial Corp. that is owned by brothers Neal and Dwight Conover and their families. Northwest Financial Corp. is a two bank, privately-owned financial services holding company.
The banks include Northwest Bank of Spencer and First National Bank in Creston. The two banks collectively hold close to $2.0 billion in assets and have 23 offices throughout western Iowa and eastern Nebraska. Other entities within Northwest Financial Corp. include Northwest Wealth Management and Northwest Insurance Services.
For more information, visit www.fnbcreston.com