A merger involving local banks will take place at the end of June. Central State Bank with locations in Muscatine and Wilton, Freedom Security Bank in Coralville and Kalona, and West Chester Savings Bank in Washington are owned by the same holding company, but will merge into one bank as an expense control measure, due to changes in banking industry standards and the high regulatory costs.
According to Steve Olson, President and CEO of West Chester Savings Bank, customers won’t see any changes, but will be able to use the eight different locations that will fall under one name. Olson adds the new name will be announced sometime in the next few months.
June 30th has been set as the target date for the merger.