Palm Grove Bancorp to acquire Iowa-based State Bank of Bussey

Bussey, Iowa-based Palm Grove Bancorp Inc. agreed to acquire State Bank of Bussey, The Oskaloosa (Iowa) Herald reported Jan. 17.

The financial terms of the deal were not disclosed in the report.

The respective boards and shareholders of Palm Grove Bancorp and Twin Cedars Bancorp, the parent company of State Bank of Bussey, have approved the transaction, according to the publication.

At the completion of the deal, Palm Grove Bancorp's name will be changed to Twin Cedars Bancorp. State Bank of Bussey will be renamed Twin Cedars Bank.

State Bank of Bussey had $49.1 million in assets as of Sept. 30, 2021, according to S&P Global Market Intelligence data.

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