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BY JOE GARDYASZSenior Staff Writer |
Monday, September 12, 2022 2:05 PM
Ames-based Vision Bank of Iowa announced Friday it has entered into a definitive agreement to acquire Legacy Bank, based in Altoona, in a transaction the organizations said “will bring together two long-standing community banks with a focus on being the leader in service to customers and communities throughout Central Iowa.”
On Friday, the Iowa Division of Banking approved a merger application for Legacy Bank to merge with and into VisionBank of Iowa, with VisionBank as the resulting state-chartered bank, according to a posting on the agency’s website.
Legacy Bank, which was founded in 1904, has $176 million in assets currently. VisionBank, launched in 2006 by Ogden Bancshares, currently has $594.8 million in assets. Financial details of the merger transaction were not disclosed.
By asset size, VisionBank is currently 42nd largest in the state, according to iBanknet statistics; Legacy Bank is No. 147 in asset size. Its combined assets will place it among the 30 largest state-chartered banks in the state, comparable in size to Cedar Rapids-based BankIowa and Manufacturers Bank & Trust Co. in Forest City. Statewide, total assets held by Iowa state-chartered banks have risen 66% over the past decade, growing from $61.6 billion at the end of 2012 to $102.5 billion as of the end of the second quarter of 2022, according to data from the Iowa Division of Banking.
Originally chartered in 1884, VisionBank of Iowa operates branches in Ames, Boone, Grimes, Huxley, Ogden, and Waukee, plus a mortgage office in West Des Moines. Legacy Bank, a family-owned bank, has branches in Altoona, Bondurant, Clive and Mitchellville.
“VisionBank of Iowa and Legacy Bank are two relationship-focused financial institutions that have rich histories, extremely compatible cultures and a shared commitment to helping our customers achieve financial success,” said Brad Pfaltzgraff, chief operations officer of Legacy Bank. “As a combined organization, we will be in an even stronger position to invest, grow and innovate in talent, capabilities and services that will enhance an already superior customer experience and further set us apart as a market leader here in Central Iowa”
VisionBank of Iowa President and CEO Heather Miller stated: “Legacy’s leadership team and colleagues not only mirror the VisionBank mission, vision and values, they also offer exceptional consumer and commercial banking services. We are confident that the powerful synergies, additional market coverage and financial strength this partnership creates will drive long-term success, and we are excited about combining the outstanding legacies of two strong, customer- and community-focused organizations.”
The transaction is expected to close in late 2022, subject to customary closing conditions, including regulatory approvals.
To read a 2007 Business Record article about VisionBank’s launch, click here
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