BusinessFriday, November 6
BankIowa plans to buy Community Bank & Trust's two Waterloo branches and one in Cedar Falls
The Good Day Cedar Falls team
If you bank at Community Bank & Trust in Cedar Falls or Waterloo, your bank is changing hands. QCR Holdings announced Monday that its subsidiary, Cedar Rapids Bank & Trust, agreed to sell its Community Bank & Trust division to BankIowa. The sale covers two branches in Waterloo and one in Cedar Falls.
The sale includes about $140 million in deposits
- $140 million
- in certain deposits in the sale
- $29 million
- in certain loans in the sale
- $153 million
- in wealth management assets expected to transition
Source: markets.businessinsider.com
Nothing changes at your branch yet. KGAN reports that customers will keep being served at their existing branches until March 1, 2027, and you'll get details on account and service transitions before then. BankIowa already runs two branches in Waterloo and one in Cedar Falls.
- Expected close: first quarter of 2027, pending regulatory approval
- Branch closures or staffing changes: not announced
- BankIowa's Cedar Valley market president: Luke Lesyshen
The sale is expected to close in early 2027
- Nov. 2QCR Holdings announces its agreement to sell three branches to BankIowa.
- March 2027Community Bank & Trust customers are served at existing branches until March 1, 2027.
- Q1 2027The sale is expected to close, pending regulatory approval.
Sources: KGAN, markets.businessinsider.com
Sources: KGAN, markets.businessinsider.com