Farmers & Merchants State Bank

Heidi Fedders, Director of Marketing
 hfedders@mbtbank.com
 641.585.2825

Dennis Busta, President & CEO
dbusta@mbtbank.com
641.585.2825

FOR IMMEDIATE RELEASE
7/9/2021

MBT BANK TO ACQUIRE TWO BANKS

FOREST CITY, IOWA—MBT Bank has entered into an agreement to acquire Farmers & Merchants State Bank of Blooming Prairie (F&M) and Citizens State Bank of Hayfield (CSB). With this acquisition, MBT Bank will acquire F&M with locations in Blooming Prairie and Austin, Minn., and CSB with locations in Hayfield, Dodge Center, and Mantorville, Minn.

Dennis Busta, President and CEO of MBT Bank said, “For over 75 years, we have served our communities and customers the way F&M and CSB have. We are excited to have these two family owned banks and their employees become part of MBT Bank.”  

Jim Fiebiger, President of F&M said, “Farmers and Merchants State Bank is excited to announce the merger between our community bank and MBT Bank. Our identical banking philosophy will provide more and better banking products for our customers, but will also maintain the local, friendly banking environment our customers have grown accustomed to.”

“This merger is a great opportunity for our banks, staff, and communities to move forward with MBT. We take pride in offering personal customer service through our dedicated employees and will retain our current staff that our customers are used to seeing,”  said Mark Miedtke, President of CSB.

F&M has assets of $110MM and CSB has assets of $130MM. Subject to regulatory and shareholder approval, MBT Bank expects to close on the transaction in September. Upon the closing of the transaction, MBT Bank will have total assets of $680MM. 

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About MBT Bank

MBT Bank, with branch offices in Forest City, Clear Lake, and Lake Mills, Iowa; as well as Rochester, Minnesota, is committed to making positive differences in the communities we serve. We strive to deliver exceptional person service at all times and to help each of our customers achieve their unique financial goals through a competitive array of agricultural, commercial and consumer banking service, insurance products, and investment opportunities. To learn more about MBT Bank, visit www.mbtbank.bank or call 641-585-2825.