MASON CITY, IA – Two Mason City branches of Community National Bank have been sold to Clear Lake Bank & Trust.
According to a statement released this afternoon by QCR Holdings, which purchased Community earlier this year, the two sides have come to an agreement subject to regulatory approval. That is expected by the end of the year.
Clear Lake Bank and Trust will take over both Community branches in Mason City, while other Community assets will remain under QCR ownership.
“Clear Lake Bank & Trust has been a downstream correspondent banking partner of QCR Holdings for years, and was looking into expanding its presence into Mason City before our transaction with Community National Bank was announced,” said QCR President and CEO Douglas Hultquist. “It was this existing relationship that led to a mutually beneficial agreement.”
“This is an exciting time for our organization as Clear Lake Bank & Trust expands our reach into downtown Mason City,” said Clear Lake Bank & Trust President and CEO Mark Hewitt. “For nearly 80 years, we have been privileged to serve our friends and neighbors throughout the Highway 18 corridor. This transaction will allow us to further expand our delivery channels in Mason City for both our retail and business customers. We look forward to welcoming aboard our colleagues from Community National Bank and the customers they have served.”
No announcement is being made about any potential branch closures.