A definitive agreement has been reached for Galva Investment, Inc. to acquire Franklin Bancshares, Inc.
While the financial terms of the transaction were not disclosed, a press release anticipates the deal will be completed in the third quarter of this year.
Keith Bradbury is the President of Franklin Bank and is excited to find a partner who puts the customer first.
This will allow Franklin Bank, and our people, to offer even more products and reach out beyond our normal service area,” says Bradbury.
Franklin Bank, with total assets of approximately $43 million, operates at one banking office in Franklin.
Bradbury says Franklin Bank has continued to evolve over the years and feels the partnership with Community State Bank will strengthen the service provided to the area.
“Franklin Bank will still be the same people and the same employees will be working here. These are the same people you know and trust,” says Bradbury.
“These folks in Galva are some really great and community minded people. This is going to be a wonderful fit for us.”
Community State Bank has approximately $155 million worth of assets at branches in Galva, Kewannee and Neponset. A loan production office has also been established in Waverly.
Bradbury says Franklin Bank will have a name change after the agreement is finalized.