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New partnership group to acquire State Bank of Bussey


A new partnership group, Palm Grove Bancorp Inc., has entered an agreement to acquire 100% of the issued and outstanding stock of State Bank of Bussey from Twin Cedars Bancorp Inc. According to a news release, the boards of directors of Twin Cedars Bancorp and Palm Grove Bancorp, and their respective shareholders, approved the sale of the State Bank of Bussey, pending regulatory approval. Palm Grove Chairman and CEO Rudy Fors said that is expected to take 45 to 90 days. At closing, Palm Grove Bancorp will change its name to Twin Cedars Bancorp and the name of the Bank to Twin Cedar Bank. Fors said a group of investors came together to acquire the bank. “We are pleased to have the opportunity to acquire the State Bank of Bussey and welcome their customers, employees and the communities which they serve,” he said in the release. Fors said Palm Grove plans to offer new tools and products to increase the bank’s assets and deposits, attract talent, and increase the bank’s footprint in Iowa. The State Bank of Bussey has $50 million in assets and $45 million in deposits, and operates out of locations in Bussey, Oskaloosa and Lovilia.

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