First State Bank acquires Montezuma’s Capra

LYNNVILLE — First State Bank will purchase and assume operations of the Montezuma brand of Capra Bank, the organizations announced this month.

The transaction, which is expected to be completed in the early fall of 2024, will allow First State Bank to continue providing customers with the local and personalized service to which they are accustomed and extend the network of locations allowing for added convenience, according to a news release.

Locally owned and operated for more than 110 years, First State Bank has locations in Lynnville, Sully, Brooklyn, New Sharon, Grinnell and Agency with assets totaling $330 million.

Capra Bank was founded in 2023 by Lynn “Tut” Fuller, who purchased People’s Savings Bank in Montezuma in 2022. Fuller is a fourth-general banker, inspired to build a community bank focused on talent and industry-leading technology, the news release says.

Captra has grown from $50 million to more than $300 million in assets since is formation.

Following the transaction's close, which will require bank regulatory and shareholder approval, First State Bank will have seven locations across Iowa.

First State Bank and Capra Bank are Members of FDIC.