Two area banks under the same management umbrella will officially merge Feb. 4.
Gateway State Bank in Clinton and Goose Lake will merge with First Central State Bank in DeWitt under the First Central name.
The two entities operate as a part of the Ohnward Bancshares holding company.
Gateway is headquartered in Clinton and holds $160 million in assets, employs 34 and has three total banking locations.
Brigham Tubbs, CEO of Gateway State Bank in Clinton and President/CEO of First Central State Bank in DeWitt, has announced that the two banks will merge on Feb. 4, 2019.
The combined bank will have nearly $60 million in capital and operate in a seven-bank network in Clinton and Scott Counties.
Tubbs said the integration will help customers invest with innovative financial products and new technology. The merger gives customers access to a larger network of ATMs and lending capacity.
“We are excited to merge these two entities to create better efficiencies and conveniences for our clients and team members,” Tubbs said. “Over the last 50 years we have grown throughout eastern Iowa and this is a natural union.”
Tubbs said current Gateway customers should see “little to no change before, during, and after the merger” regarding customer service or banking relationships.
First Central State Bank has operated in DeWitt since June 12, 1967, and has branches in Eldridge and LeClaire. Gateway State Bank has operated since 1980 and has branches in Clinton and Goose Lake.