Fidelity Company to acquire State Bank

Posted on: in [ Community, General ]

Fidelity Bank & TrustDubuque, IA (November 2018) - James R. Kennedy, Jr., President of Fidelity Company, announced a Definitive Agreement has been signed to acquire State Bank of New Hampton, Iowa. The acquisition represents $380 million in total assets. On a combined basis, this organization will have over $1.3 billion in assets making it the 10th largest bank holding company in the state of Iowa.

Jim KennedyJohn Rigler IIFidelity Company currently has 25 banking locations throughout eastern Iowa, southwest Wisconsin and western Illinois. State Bank serves seven northeast Iowa communities, including Calmar, Charles City, Dike, Janesville, New Hampton, Ossian and two branches in Waverly. This acquisition will give the organization added locations in a very desirable part of the state. The current bank charters will remain separate and operate independently until a later date.

“At Fidelity Company, we are proud to be part of so many great communities. We want to be your hometown bank with our focus on the people we serve. Our cultures are very similar in terms of work- ing in partnership with our customers to find the best products and services based on shared values,” said Kennedy. “The Rigler family and the employees of State Bank have done an extraordinary job over multiple generations to build an outstanding organization. We are very excited to become part of these communities.”

John Rigler II stated, “After 81 years with State Bank the Rigler family was very careful in selecting a buyer. The Kennedys, with their similar history and commitment to rural Iowa, rose to the top of our list. It was a very easy decision, given their commitment and culture.”

This acquisition is subject to regulatory approval which is expected to happen in the final quarter of 2018. The sale is an all cash transaction with an undisclosed purchase price.

Photo Caption: (Left) James R. Kennedy, Jr., President of Fidelity Company; (Right) John Rigler II, Chairman/CEO of State Bank

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