First National Bank, with three Quad-City locations, has announced its pending merger with American State Bank in Oldham, South Dakota.
The two banks are part of Farrar Banking Group, based in Pierre, South Dakota, and share common ownership. The combined bank, which will be headquartered in Davenport, will be known as First American State Bank.
"The name change is fitting with the pending merger of two great community banks," Michael Brignac, First National's chief financial officer, said in a news release. "We look forward to combining our branches together to create a new brand that we can call our own."
The merger will close Sept. 30 and the new First American State Bank name will be rolled out Oct. 1, he said.
The bank's six branches will span Iowa, Illinois and South Dakota. In the Quad-Cities, First National Bank has operations in Moline and two locations in Davenport as well as a branch in Cairo, Illinois. American State Bank has operations in Oldham and Ramona, South Dakota.
Founded more than 60 years ago, First National Bank now is owned by the Frank Farrar family.
"We believe that this acquisition will further add to the safety and soundness of our banks, will benefit our communities, our employees and our shareholders," Brignac said.
The combined bank will employ 25 people. "The only change customers will see is the name change," he said.
The Farrar Banking Group also has banking operations in Minnesota, Nebraska, Colorado, Texas and other parts of the U.S. southwest.