TS Banking Group acquires southwest Iowa bank, Okey-Vernon First National Bank
As of May 6, 2016, TS Banking Group has entered into a purchase agreement with Blue Grass Bancorporation, Inc., Corning, Iowa, to acquire Okey-Vernon First National Bank, with banking assets of $85 million.
The TS Banking Group is a joint venture between Treynor Bancshares, Inc., the bank holding company of TS Bank, with banking assets of $290 million, and TS Contrarian Bancshares, Inc., the bank holding company of The Bank of Tioga (North Dakota), with banking assets of $300 million. The TS Banking Group is headquartered in Treynor, Iowa, which is located in the Omaha, Neb. MSA.
Okey-Vernon First National Bank values integrity, exceptional client service, and serving as a business leader in its community – values that align with the TS Banking Group. Okey-Vernon First National Bank’s name will be changing to TS Bank, as it will become a part of the TS Bank branch network, yet retain its strong community focus and staff. The TS Banking Group is a dedicated community banking group focused on upholding a community bank management philosophy while acquiring community banks in the upper Midwest. The overall objective of the acquisition strategy is to expand an organization with a client-focused operating efficiency that allows for the long-term prosperity of community banking. To achieve this goal, the TS Banking Group believes it must 1) preserve the ‘local touch’ at each community bank by allowing the acquired bank to focus their efforts on serving their clients and communities where they are located, and 2) harness the power of a multi-bank operating group to provide a high level of technology, risk management, and financial management.
"As we reviewed potential buyers, we purposely approached TS Bank. Based on their track record of giving back to the community, their financial literacy programs for schools, and being a family-owned and managed bank, it gave us confidence in the culture and integrity of the company. TS Bank is a very good fit for our bank, our employees, our clients, and the communities we serve,” stated James Whitmore, President and Owner.
The TS Banking Group will look to provide Wealth Management and Trust services. Additionally, leading-edge banking technology for clients such as an updated mobile banking app, person to person mobile payments, mobile deposit capture, as well as remote deposit capture and cash management services for business clients will be offered.
“Okey-Vernon First National Bank shares many of the same qualities and values of the TS Banking Group, which makes this a great fit for both organizations,” commented Joshua M. Guttau, TS Banking Group CEO. “The bank has been well-run with good credit quality, supportive of the community, and has a team of experienced local employees – something that is very important to us!”
“The TS Banking Group is not just about being a community bank, it is about serving as a community prosperity engine," shared Guttau. “Going forward, as we work together, we will strive to provide an even more positive impact on the bank’s clients and the community of Corning,” said Guttau.
About TS Bank: TS Bank’s mission is to Ignite Prosperity® in the communities it serves. Leading the resurgence of community banking, TS Bank reinvests 10% of their net income locally; hosting educational events and partners with local organizations and non-profits. Treynor State Bank was chartered in 1923 and branded to TS Bank in 2005. TS Bank has $365 million in assets, along with the largest Iowa state-chartered C-Corp trust department west of Des Moines at nearly $245 million in assets named TS Prosperity Group. Branch locations include Treynor, Macedonia, Atlantic, Corning and Council Bluffs, Iowa. For more information visit tsbank.com.