Management of Webster City Federal Savings Bank officially announced today their intentions of acquiring Independence Federal Bank for Savings in Independence, Iowa.
The announcement came following the annual meeting of stockholders and after official notification from the Federal Reserve and the Office of the Comptroller of Currency of receipt of the merger and acquisition application.
"We are excited at the opportunity to expand our operations to the community of Independence," said Webster City Federal Savings Bank President and CEO Stephen Mourlam. "Similar to our bank, Independence Federal has been a staple to their community for over 75 years and we anticipate continuing that dedication to providing safe, sound and secure financial services at both locations for another 75."
Located along U.S. Highway 20, Independence is approximately 100 miles east of Webster City and has a population of 5,966, according to the 2010 Census. When asked why Independence was chosen to expand their operations, Mourlam said "We toured the community and met with the management of Independence Federal and drove away knowing it would be a great fit for both institutions."
The application is subject to extensive review from federal regulatory agencies before consummation can be completed but Mourlam said he anticipates the merger should be completed by September 2013.
Webster City Federal Savings Bank has been providing financial services to Hamilton County residents since 1934 and construction of their new 15,000-square-foot financial center is scheduled to begin this spring.
"We have a lot of progressive activities taking place at Webster City Federal Savings Bank and we truly look forward to continuing our efforts by growing to the Independence area," he said.
For more information about Webster City Federal Savings Bank, contact Mourlam at (515) 832-3071 or visit them online at www.webcityfed.com.