A local, community bank will have a change in ownership.

People’s Trust and Savings Bank President and CEO Mike Segner tells Raccoon Valley Radio that the shareholders with Green Circle Investments have decided to sell the banking company to Rigler Investment. Rigler operates State Bank, which has eight banking locations in northeast Iowa including: Calmar, Charles City, Dike, Janesville, New Hampton, Ossian and two locations in Waverly. Segner says the decision to move forward with the transaction was based on the aging shareholders. Segner sees the move being beneficial for People’s Trust and Savings Bank.

“In my mind, it’s very beneficial to those communities that we serve, very beneficial to the customers that we serve, and it really gives us a long-term commitment to those communities because this is a multi-generational bank that’s purchasing us, they’re committed to the future.”

Segner says the name of the bank will not change and neither will their commitment to community-minded banking. People’s Trust and Savings Bank has nine locations in central and west central Iowa including: Adel, Clive, Grand Junction, Guthrie Center, Jefferson, Ogden, Rippey, Scranton and Waukee.  

The agreement must now go through a regulatory process but Segner anticipates that by late fourth quarter, Rigler Investments will take over ownership. Rigler Investments will be only the third owner of People’s Trust and Savings Bank in it’s 100-year history.

People’s Trust represents $325 million in assets, while State Bank has $375 million in assets. The combination will make it one of the 25 largest community banking companies in the state. The sale is an all cash transaction with an undisclosed purchase price.