Northwest Bank announces the purchase of additional branches in Spencer, Algona, Fort Dodge and Estherville, IA!

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posted 4/24/2012 in Community News

(Spencer, Iowa) Northwest Bank announces that they have entered into an Agreement with Bank of America to purchase their consumer branch locations in Spencer, Algona, Fort Dodge and Estherville, Iowa. The purchase is subject to regulatory approval.

Northwest Bank intends to complete the purchase in August, 2012. As part of the purchase Northwest Bank will hire all Bank of America branch staff to join the Northwest Bank team. Customers will receive a letter providing additional details concerning their accounts and are encouraged to visit to learn more about Northwest Bank.

First National Bank of Sioux City, a sister bank of Northwest Bank, owned by Northwest Financial Corp. is also acquiring a Bank of America branch in Sioux City, Iowa. Northwest Financial Corp, located in Arnolds Park, Iowa is owned by Neal & Dwight Conover and families. Northwest Financial Corp. operates three Charters, Northwest Bank, Spencer, IA, 19 bank locations, First National Bank, Creston, IA, 3 bank locations and First National Bank, Sioux City, IA, 5 locations.

Greg Post, President and CEO of Northwest Bank commented, “Northwest Bank is experiencing some very exciting growth. With our recent acquisition of Liberty Bank branches in Spirit Lake and Arnolds Park, IA and our upcoming purchase of Bank of America branches in Spencer, Algona, Fort Dodge and Estherville, IA, we are confident in the process we take to determine acquisition opportunities that fit our long term commitment of our company to community banking.

These growth opportunities continue to support our strategic plan of growing in areas that we are familiar with and to continue to provide safe and secure financial products and services. Northwest Bank has local ownership that is truly committed to our customers, employees and supporting the communities we serve. These are the core values that represent Northwest Bank. We look forward to expanding our presence in Spencer, Algona, Fort Dodge and the Estherville communities and we will work hard to provide banking excellence for our new customers.”

About Northwest Bank
Northwest Bank operates 19 banking locations in Iowa and Nebraska with assets of more than $960 million. As a community bank, Northwest Bank services agricultural, business and consumer markets and is one of the area’s leading mortgage lenders. In 2011, Northwest Bank was selected as the Iowa Community/Rural SBA Lender of the Year in Iowa.