Earlier this week the Home Federal Savings Bank branch in Toledo was sold to Pinnacle Bank. President David Burrell of Pinnacle Bank explains: “It is really a great thing for everyone involved. Home Federal Savings Bank needed capital, and Pinnacle Bank has been positioning for expansion specifically into Tama County, so it really made sense.”
As an FDIC bank the change over is expected to take effect February 2012 pending regulatory approval. This sale would also upgrade Tama County, Iowa’s overall position as one of the most secure banking communities in the US. Pinnacle Bank holds a top five-star capital ratio before the sale, and all our other Tama County banks (and credit union) also hold four and five-star recommendations.* Nation wide only 62% of banks gets this recommendation from Bauer Financial Inc. (1)
In addition to the Toledo branch, the Minnesota headquartered Home Federal Savings Banks also owns another Iowa branch in Marshalltown. Burrell says that no plans are in development for Pinnacle Bank to also acquire the Marshalltown branch.
Pinnacle Bank is a wholly owned subsidiary of Iowa River Bancorp, and one of the Meskwaki Tribe’s diversification investments off tribal land.
(1) Source: BauerFinancial Inc., June 30, 2011
* one of Tama County’s banks have a 3.5 star rating, but held a 4 star rating for most of the past year.