TABOR – First State Bank of Tabor is under new ownership, but customers won’t notice any changes in the day-to-day operations of the long-standing financial institution. The bank was acquired on April 14 by Glenwood Bancorporation, the holding company for Glenwood State Bank.
First State Bank president and CEO Marty McCartney said the desire of the bank’s previous owners was to sell the institution to a buyer who would keep the facility operating as a community bank and provide the same personal service and commitment to the Tabor area that customers have grown to accept and appreciate. Former First State Bank owners approached Glenwood State Bank about a possible sale several months ago.
“They wanted to keep the focus on community banking,” McCartney said. “That’s pretty much the direction everyone wanted to go.”
Glenwood State Bank president Larry Winum said First State Bank will continue to operate under its own name and under a separate charter, but eventually bank customers will be able to do their business in both Tabor and Glenwood. Winum said the arrangement is similar to what took place when Glenwood State Bank assumed ownership of the former Mineola State Bank.
“The goal is to merge the two banks, which requires state and federal approval. It’s not going to be a problem, it’s just a procedural thing,” Winum said. “Our ultimate goal is that people will be able to do their banking at both locations.”
With the exception of McCartney now serving as president, there are no plans to make staff changes at First State Bank.
“We’re not changing any people. The staff is going to be retained,” McCartney said. “I’m just a new face.”
McCartney has been involved in the banking industry for almost 50 years, spending a major portion of his career in southwest Iowa. McCartney did consulting work for Glenwood State Bank prior to assuming his new position in Tabor.
First State Bank currently serves approximately 1,000 customers. The bank was established in 1925. Glenwood State Bank was established in 1899.