Iowa bank to acquire Citizens State Bank

MBT Bank of Forest City, Iowa has entered into an agreement to acquire Citizens State Bank of Hayfield and Farmers & Merchants State Bank in Blooming Prairie. MBT announced the agreement last week.
Citizens State Bank has offices in Hayfield, Dodge Center and Mantorville. Farmers & Merchants State Bank has locations in Blooming Prairie and Austin.
“For over 75 years, we have served our communities and customers the way F&M and CSB have,” Dennis Busta, president and CEO of MBT Bank said. “We are excited to have these two family owned banks and their employees become part of MBT Bank.”
“This is a great opportunity for our banks, staff, and communities to move forward with MBT Bank. Like MBT Bank, our dedicated employees take pride in offering personal customer service,” said Mark Miedtke, president of CSB.
Citizens State Bank of Hayfield was chartered on June 10, 1910 with the bank located in Peterson Hall.
A new bank building was constructed in 1920 and was the bank’s home until November of 2003 when it moved to a new location on the corner of Highway 30 and 1st Avenue NE.
A branch bank has been located in Mantorville since 1981 and the Dodge Center branch was acquired in May 2010.
The main office in Hayfield is located at 216 1st Ave. NE; The Mantorville office is at 402 North Main St., Mantorville and the Dodge Center office is at 42 Main St. W., Dodge Center.
Financial services include competitive loan and deposit rates, telephone banking, and internet banking.
The Farmers and Merchants State Bank was established on May 17, 1904. The present Blooming Prairie office was built in 1981. The Austin branch was constructed in 1998. 
F&M President Jim Fiebiger of Blooming Prairie said, “Our identical banking philosophy will provide more and better banking products for our customers, but will also maintain the local, friendly banking environment our customers have grown accustomed to.”
Citizens State Bank has assets of $130 million, and F&M has assets of $110 million.
MBT Bank has offices in Forest City, Clear Lake, and Lake Mills, Iowa and in Rochester. It was chartered in 1945 as Farmers Bank & Trust Company of Crystal Lake.
Subject to federal regulatory and shareholder approval, MBT Bank expects to close on the transaction in September. Upon the closing of the transaction, MBT Bank will have total assets of $680 million.