MUSCATINE, Iowa–Walcott Trust and Savings Bank completed their merger into CBI Bank & Trust over the weekend of Friday, June 5 through Sunday, June 7. All customer accounts converted over to the CBI data processing system.
“We’re pleased to announce the successful completion of our plan that was put in motion last year,” said Greg Kistler, President and CEO of Central Bancshares, Inc., the parent company of both banks. “The fact everything went so smoothly is a testament to months of planning, coordination, and hard work by a number of talented individuals throughout our organization. I’m extremely proud of their efforts.”
Walcott Trust and Savings Bank, organized in 1893, had total assets of approximately $125 million and served a primary market area of Scott and northeast Muscatine Counties through two locations, 101 West Bryant Street in Walcott and 2322 East Kimberly Road in Davenport. Muscatine based Central Bancshares, Inc. acquired Walcott Trust and Savings Bank in December 2019.
The weekend merger lifted CBI Bank & Trust’s total assets to over $650 million. In addition to the two former Walcott Trust and Savings Bank locations, CBI operates banking centers in downtown Davenport, Coralville, Kalona, Muscatine, Washington and Wilton, as well as Buffalo Prairie in Illinois. Combined, they serve over 20,000 households and businesses.
“We extend a warm welcome to Walcott Trust and Savings Bank clients,” said Bob Howard, President and CEO of Muscatine based CBI Bank & Trust. “Starting today, they can enjoy the convenience of banking at 11 locations, plus access to a wider array of services, such as wealth management, investments, and treasury and cash management services.”
Susan Daley, Walcott Trust and Savings Bank’s former President and CEO, became Scott County Market President for CBI Bank & Trust.
With over $1 billion in assets, Central Bancshares serves as the parent company of Muscatine based CBI Bank & Trust and Galesburg, Illinois based F&M Bank.