CLINTON — Brigham Tubbs, CEO of Gateway State Bank in Clinton and president and CEO of First Central State Bank in DeWitt, has announced that the two banks will merge Feb. 4.
Headquartered in Clinton, Gateway State Bank is part of the Ohnward Bancshares holding company with $160 million in assets, 34 employees and three banking locations – two in Clinton and one in Goose Lake. First Central State Bank is also a part of the Ohnward Bancshares holding company and has $400 million in assets, 72 employees and banking locations in DeWitt, Long Grove, Eldridge and LeClaire. The combined bank will have nearly $60 million in capital and continue to operate a network of seven branches in Clinton and Scott counties.
Customers will continue to benefit from fully insured deposits through the Federal Deposit Insurance Corporation. In addition, the integration allows for greater investment in innovative financial products and new technology for anytime/anywhere banking, bank officials said. This merger will allow the combined bank, First Central State Bank, to offer increased lending capacity and a larger network of branches and ATMs while continuing its legacy of easy, dependable, community banking.
“We are excited to merge these two entities to create better efficiencies and conveniences for our clients and team members," Tubbs said. "Over the last 50 years we have grown throughout Eastern Iowa and this is a natural union. We look forward to continuing the fine service and capabilities Gateway and First Central have established in Scott and Clinton counties. Both First Central and Gateway have proud community banking traditions and dedicated employees. We appreciate and understand the community values in Eastern Iowa. This merger will provide us additional resources and broader opportunities, and allow our team to better serve our clients as we continue our tradition of easy access and local decision-makers.”
“What our clients and communities need to know is that this is not about ownership change," said Senior Vice President Paul Mulholland, who will lead the team in Clinton. "This is simply a combination of sister banks with common ownership and the same management philosophy. Our culture of community involvement and philanthropy, which is a culture created over the years by our team, has not and will not change. Our clients will now enjoy our broader branch network with our seven convenient locations. The same great people will continue to provide the same great service our clients have come to expect from Gateway and First Central. Clients of both banks should continue to do business with their current bankers and expect little to no change before, during, and after the merger."