Wayland State Bank to merge with Pilot Grove Savings Bank

MT. PLEASANT — Wayland State Bank, which operates in Wayland, Winfield, and Mt. Pleasant, will merge with Pilot Grove Savings Bank over the next few months.

Pilot Bancorp, Inc., the holding company of Pilot Grove Savings Bank, announced the signing of an agreement to merge Wayland State Bank with Pilot Grove Savings Bank.

This agreement is subject to shareholder and regulatory approval which is anticipated to occur in the second quarter of 2024. The completed merger is expected to take place during the third quarter of 2024.

With the addition of Wayland State Bank, the merger will create an estimated combined asset value of $942 Million.

“We are delighted to welcome Wayland State Bank into the Pilot Grove Savings Bank family,” Pilot Grove Savings Bank President and CEO Matt Morrison said. “It is rare to find a bank whose dedication to customer service and traditional banking values mirrors that of Pilot Grove. Our like-minded approach can only serve to produce a seamless transition for both the employees and customers.”

For 92 years Wayland State Bank has been committed to its community, customers and employees. We have been led by a dedicated and progressive board of directors. As time changes we have become aware that there may be more opportunities to enhance the value of Wayland State Bank to our communities. We are very fortunate to join forces with a partner that allows us to fulfill that vision.

“Pilot Grove will enable us to combine our strengths to form a team of community minded, experienced bankers who share a common value in providing innovative financial solutions and pledging our resources to promote agriculture, small business and home ownership,” CEO Robert Meyer said. “Our top priority is to make this transition as seamless as possible for our customers and employees.”

“The Pilot Grove team is excited to work with the employees and customers of Wayland State Bank,” Morrison said. “Banking rural Iowa communities is not only a specialty of Pilot Grove Savings Bank but a commitment. We are confident everyone will appreciate our focus on successful banking relationships and community growth.”

About Pilot Grove Savings Bank:

Pilot Grove Savings Bank was established on May 12, 1911, when 23 investors collectively pooled $10,000 to form the foundation of the bank. Beginning in a modest building on the sole street in Pilot Grove, Iowa, the institution’s journey has been marked by resilience and growth.

Over the decades, the Home Office in Pilot Grove witnessed significant expansions, reflecting the bank’s commitment to accommodating its expanding services. Branch offices sprouted in neighboring towns, with notable additions in Houghton (1980), Donnellson (1983), West Point (1992), Mount Pleasant and Packwood (2000), Winfield (2004), Fort Madison (2011), Keokuk (2013), Fairfield (2014), and West Burlington (2020). Today, with over 100 employees, Pilot Grove Savings Bank remains steadfast in its founding values of trust, loyalty, and commitment, poised to embark on a new chapter through this merger with Wayland State Bank

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