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    Central State Bank acquires Swisher Trust & Savings

     
    FROM THE CORRIDOR BUSINESS JOURNAL - 9/14/2018
    Elkader-based Central State Bank and its parent company AJJ Bancorp have announced a deal to acquire Swisher Bancshares and its subsidiary, Swisher Trust & Savings Bank.
     
    Central State Bank (CSB) has seven locations in Iowa, including two in the Corridor. It counts $275 million in assets and $214.1 million in deposits. Swisher Trust & Savings Bank has just one location in Swisher, with $51.6 million in assets and almost $50 million in deposits.
     
    Terms of the deal were not disclosed, and the proposed transaction remains subject to both regulatory and Swisher shareholder approval. It is anticipated to close later this year.
     
    CSB CEO Greg Johnson said in a release that Swisher's location "fits well" with his bank's current footprint, and will allow the institution to deepen its roots in the Corridor.
     
    "Central State Bank has operated as a family-owned, community bank for almost 90 years, proudly serving both the metro and rural communities in which we operate," he said. "We are excited to bring our brand of relationship banking to Swisher."
     
    Swisher Trust & Savings Chairman Phil Reed said the bank evaluated its options carefully before deciding on the sale to CSB, citing its "exemplary history, stability and commitment to community banking."
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    NEW LOCATION!

    We have officially opened our new Coralville, IA facility, conveniently located at 805 22nd Avenue, just off the Coralville Strip next to Hy-Vee and Hobby Lobby. The new location is totally remodeled, with state-of-the-art banking features and customer conveniences. Please stop in and visit us!



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