Twin Cedars Bancorp completes acquisition of State Bank of Bussey
Twin Cedars Bancorp, formerly Palm Grove Bancorp, announced it has completed its acquisition of the State Bank of Bussey, which was previously announced in January. The transaction was approved by the Iowa Division of Banking in May. With the acquisition, State Bank of Bussey officially changed its name to Twin Cedars Bank. Rudy Fors, Twin Cedars Bancorp’s chairman and CEO, said the acquisition will “allow us to expand the product base, accelerate the bank’s growth opportunities and strengthen the bank’s financial profile for continued success.” Current bank customers will continue to be served through their respective stores, the existing State Bank of Bussey website and its existing digital app until a full conversion is made. As of June 30, the bank had $50.8 million in assets, with locations in Bussey, Oskaloosa and Lovilia. With the transition, Twin Cedars Bank will celebrate 130 years in business on Aug 2.
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