Robert Currell, President of CDS Bancorp, Inc., and Russell G. Olson, President & CEO of Liberty Bank, announced today that both parties have reached an agreement in principle for the sale of First Bank & Trust to Liberty Bank.

First Bank and Trust, a subsidiary of CDS Bancorp, Inc. headquartered in Spirit Lake, Iowa, was established in 1877, making it the oldest continual banking operation in Dickinson County. The bank has been controlled and locally operated by the Currell family since 1945.

Neither party can discuss the pending transaction in more detail until a definitive agreement is finalized. Bank regulatory agencies must approve the proposed transaction.