CBI Bank & Trust merging with SENB Bank

MUSCATINE — Central Bancshares, Inc., the parent company of CBI Bank & Trust, announced Wednesday that it had completed the purchase of McLaughlin Holding Company, effectively merging CBI with SENB Bank, which is based in Moline.

Washington and Kalona CBI Bank Vice President of Ag and Commercial Banking Matt Brown said the move wouldn’t change day-to-day business of customers in Southeast Iowa, but would expand the number of easily compatible banking locations across state lines, with locations in Davenport, Beloit, Wisconsin, and Moline, Illinois.

“The only change is going to be additions of places that they’re able to transact business,” he said. “The rest of our operation should stay pretty much the same … we’re excited to keep expanding and to be able to provide our customers with additional locations.”

SENB Bank was organized in 1961 and today has roughly $340 million of total assets according to a news release from Central Bancshares, which said the acquisition brought its own total assets up to $1.45 billion.

Comments: Kalen.McCain@southeastiowaunion.com