First Federal Savings to merge into Great Western Bank

First Federal Savings Bank of Iowa will merge with Great Western Bank, the banks’ holding companies announced yesterday. The $41.5 million merger agreement calls for shareholders of First Federal’s parent company, Fort Dodge-based North Central Bancshares Inc., to receive $30.58 for each share of stock, representing a premium of 39 percent over the March 12 closing price. First Federal, which has 10 branches in Iowa, has assets of approximately $433 million. Following the closing of the transactions, Sioux Falls, S.D.-based Great Western, a subsidiary of National Australia Bank, will have assets of approximately $8.9 billion and deposits of approximately $6.7 billion, with more than 200 locations throughout the Midwest and West. The merger is expected to close this summer of 2012, subject to regulatory approvals and approval by North Central’s shareholders.

 

First Federal Savings Bank of Iowa will merge with Great Western Bank, the banks’ holding companies announced yesterday. The $41.5 million merger agreement calls for shareholders of First Federal’s parent company, Fort Dodge-based North Central Bancshares Inc., to receive $30.58 for each share of stock, representing a premium of 39 percent over the March 12 closing price. First Federal, which has 10 branches in Iowa, has assets of approximately $433 million. Following the closing of the transactions, Sioux Falls, S.D.-based Great Western, a subsidiary of National Australia Bank, will have assets of approximately $8.9 billion and deposits of approximately $6.7 billion, with more than 200 locations throughout the Midwest and West. The merger is expected to close this summer of 2012, subject to regulatory approvals and approval by North Central’s shareholders.