MidWestOne Bank acquires First National Bank

FAIRFIELD — MidWestOne Bank announced it has purchased First National Bank in Fairfield.

According to a news release from MidWestOne Financial Group, the parent company of MidWestOne Bank, it will acquire Iowa First Bancshares Corp., the parent company of First National Bank in Fairfield. The release said the agreement will broaden MidWestOne’s footprint in the important Fairfield market and provide key resources to support Fairfield’s future growth.

“FNB Fairfield has a long history as a community- and family-focused bank in Iowa,” said MidWestOne Chief Executive Officer Charlie Funk. “For more than 156 years, they have been putting their customers first, providing financial services and economic stability to the Fairfield community. We look forward to continuing that rich heritage and providing them with the resources and support — and financial strength that MidWestOne is known for — to help secure their future for decades to come.”

Peg Hudson, senior vice president of CMO MidWestOne Bank, said the merger will need to go through regulatory hurdles, and that it likely won’t be complete until mid-2022.

Decisions about what will happen to the two banks respective buildings, or where employees will move, have not been finalized, Hudson said.

Headquartered in Iowa City, Iowa, MidWestOne operates 56 banking offices in Iowa, Minnesota, Wisconsin, Florida and Colorado. Since its inception in 1934, the company has been guided by its core mission: “To take care of our customers and those who should be.”

Expanding its presence in Fairfield broadens MidWestOne’s footprint in its home state and its ability to serve customers in an important market, the company said.

Craig Foss, First National Bank in Fairfield Board Chair, remarked, “This is a significant milestone for our company. It is critically important to have a like-minded partner to strengthen and secure our presence in Fairfield, provide additional support and resources to the bank for continued growth, and offer our valued employees a path to long-term success. We’ve found that ideal partner in MidWestOne.

“Part of being a community bank means supporting local initiatives and organizations. We believe that by doing so, we make our community a better place for all who call it home. We are encouraged by MidWestOne’s demonstrated commitment to its communities and employees. We look forward to our future together and to the opportunity to make Jefferson County a better place to live and raise families.”

Iowa First Bancshares Corp. plans to contribute $250,000 to the MidWestOne Foundation at the close of the merger. This gift will be given to support the communities we serve into the future.”