Hampton State Bank sold to Cedar Valley Bankshares, Ltd.
Cedar Valley Bankshares, Ltd., of Charles City and Hampton Banco, Inc., of Hampton, jointly announced today that Cedar Valley Bankshares will acquire Hampton State Bank of Hampton, from Hampton Banco.
Cedar Valley Bankshares is the owner of First Security Bank and Trust in Charles City. The purchase includes approximately $35 million of loans and $62 million of deposits and is expected to be completed in the fourth quarter of 2014, pending regulatory approval.
“We are excited to have the opportunity to expand our presence into the Franklin County area. Hampton State Bank’s commitment to their community and building lifetime relationships with their customers is a tremendous fit with our culture,” said Kurt Herbrechtsmeyer, Treasurer of Cedar Valley Bankshares and President/CEO of First Security. “We are eager to continue serving the unique loan, investment and deposit needs of Franklin County.”
Read the full article in the July 16 edition of the Hampton Chronicle.