TSB Bank - Announcement of the 2001 purchase of the Forest City and Thompson branches of Commercial Federal Bank
Press Release - April 17, 2001
Banks Announce Purchase Agreement
OMAHA, Nebraska - Commercial Federal Bank and Titonka Savings Bank (TSB) of Titonka, Iowa, have announced they have signed a purhcase agreement for the sale of Commercial Federal Bank's full-service branch offices in Forest City and Thompson, Iowa.
"We are pleased to be able to sell these branches to a company as committed to customers as Commercial Federal Bank," said William A. Fitzgeral, chairman of the board and chief executive officer of Commercial Federal Bank. "We feel Titonka Savings Bank will continue to serve the customers in these communities very well."
The anticipated closing date is scheduled for later this year. The transaction is subject to approval by federal and state banking regulators, among other conditions. Details of the transaction were not released.
President and CEO Allan Boyken and Executive Vice President Todd Schwartz of Titonka Savings Bank said TSB will continue to provide full service banking services to the city of Forest City and welcomes the opportunity to provide full banking services to the Thompson community.
"We look forward to meeting our new customers and acquainting them with our friendly banking services," said Boyken. "Our purpose is to serve our communities with friendly, state of the art, stable and progressive financial services and to promote sound economic activities and growth. We look forward to working with our new customers as they endevor to improve their financial well being.
"The Forest City branch purhcase represents a unique opportunity to expand our customer base in the community and will enable TSB to provide expanded banking services," added Boyken. "Strong support from the Forest City community encouraged us to take this significant step to expand our operations in the Forest City community."
Schwartz indicated that the Thompson acquisition will allow the bank to further build upon its expertise in agricultural lending and in providing community-banking services. Thompson is a community that is silimar in nature to Titonka and TSB looks forward to being an integral part of the Thompson community.
Boyken indicated that it is the strong and loyal support of the Titonka area community that has allowed TSB to take advantage of this opportunity. "We appreciate the opportunity we have to deliver financial services to our communities and look forward to continuing in this role for many years to come," said Boyken.
TSB was established in 1916 and is one of the leading agricultural and community banks in the north Iowa area. It has received a 5-Star rating from Bauer Financial Reports, Inc., for 38 consecutive quarters.
Commercial Fedreal Bank is a subsidiary of Commerical Federal Corporation. Commercial Federal Bank is a $12.5 billion federal savings bank, which currently operates branches located in Nebraska, Iowa, Colorado, Kansas, Oklahoma, Missouri, Arizona, and Minnesota.
Commercial Federal Corporation's common stock trades on the New York Stock Exchange under the symbol "CFB."