Clinton National buys five local banks

By Susan Jessen
Herald Staff Writer

December 01, 2006 10:22 am

— CLINTON — Clinton National Bank is expanding its presence in the Gateway area with the acquisition of five small town banks in Clinton and Jackson counties.
In a press release issued today, Clinton National and THE National Bank, of Bettendorf, announced the sale of five THE National Bank offices — in Andover, Delmar, Miles, Preston and Sabula — to Clinton National.
According to the release, the transaction provides for Clinton National to acquire approximately $65 million in deposits, $59 million in loans and all related bank buildings.
“We are very pleased to announce this transaction,” said Robert P. Holleran, Clinton National president and CEO. “These five banking facilities have excellent staffs and a long history of serving many loyal customers in their communities. We look forward to welcoming the customers of THE National Bank to our bank.
“All current customers of these offices can be assured all lending and other decisions will be made on a local basis by experienced officers and staff that take pride in knowing their customers. We plan to continue operating all five locations as full-service banking facilities that will offer a wide variety of deposit and lending services.”
One bank official said the acquisition makes sense for the bank and its customers.
“We’ve always served members of our agricultural community, so acquiring these particular branches seemed a natural fit,” said Tom Fullerton, executive vice president of Clinton National Bank, adding that having the five banks as part of the Clinton National group should make banking for many rural customers more convenient.
Clinton National Bank, operating under the same ownership since 1865, is currently one of eastern Iowa’s oldest and largest independent banks with four locations in Clinton and Camanche. As of Sept. 30, the total bank assets were in excess of $274 million.
THE National Bank will continue to operate the offices in the ordinary course of business, pending the regulatory approval and closing of transaction. Both parties are optimistic the transaction will be finalized during first quarter of 2007.