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Through collaborative leadership we supplied a pipeline of $812 million in new capital investment projects to strengthen and diversify the assets in Iowa. But beyond big number private-sector prospects we also work with the progressive small businesses, nonprofits, civic leaders, workforce, education institutions, utilities, transportation, housing, etc to maximize productivity and long-term prosperity in our evolving economic landscape.

Home Federal Savings Bank, Toledo Iowa, 2011

Industry Update: Pinnacle Bank acquires Home Federal Savings Bank branch in Toledo, Iowa

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.

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