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Webster City Federal Savings Bank plans acquisition of Independence Bank
Posted: Apr 18 2013 by ppowers

 

 The management of Webster City Federal Savings Bank announced Thursday their intentions of acquiring Independence Federal Bank for Savings in Independence,Iowa. The announcement came following their annual meeting of stockholders and after official notification from the Federal Reserve and the Office of the Comptroller of Currency of receipt of the merger and acquisition application. Webster City Federal President and C.E.O. Stephen Mourlam said they are excited at the opportunity to expand their operations to the community of Independence. Mourlam further stated that Independence Federal has been a staple to their community for over 75 years and anticipate continuing that dedication to providing safe, sound and secure financial services at both locations for another 75 years. Independence is located 100 miles east of Webster City and has a population of 5,966. Mourlam further stated that Webster City Federal officials toured the community and met with management of Independence Federal and drove away knowing it would be a great fit for both institutions. The application is subject to extensive review from federal regulatory agencies before consummation can be completed but Mourlam anticipates the merger should be completed by September, 2013. Webster City Federal Savings Bank has been in business since 1934. Construction of their new 15,000 square foot financial center is scheduled to begin this spring. Mourlam concluded that there has been a lot of progressive activities taking place at Webster City Federal and are looking forward to continuing the efforts by growing to the Independence area.

 

 The management of Webster City Federal Savings Bank announced Thursday their intentions of acquiring Independence Federal Bank for Savings in Independence,Iowa. The announcement came following their annual meeting of stockholders and after official notification from the Federal Reserve and the Office of the Comptroller of Currency of receipt of the merger and acquisition application. Webster City Federal President and C.E.O. Stephen Mourlam said they are excited at the opportunity to expand their operations to the community of Independence. Mourlam further stated that Independence Federal has been a staple to their community for over 75 years and anticipate continuing that dedication to providing safe, sound and secure financial services at both locations for another 75 years. Independence is located 100 miles east of Webster City and has a population of 5,966. Mourlam further stated that Webster City Federal officials toured the community and met with management of Independence Federal and drove away knowing it would be a great fit for both institutions. The application is subject to extensive review from federal regulatory agencies before consummation can be completed but Mourlam anticipates the merger should be completed by September, 2013. Webster City Federal Savings Bank has been in business since 1934. Construction of their new 15,000 square foot financial center is scheduled to begin this spring. Mourlam concluded that there has been a lot of progressive activities taking place at Webster City Federal and are looking forward to continuing the efforts by growing to the Independence area.

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