MASON CITY, Iowa (AP) — Clear Lake Bank & Trust has bought two Community National Bank branches in Mason City.
Clear Lake Bank & Trust will acquire deposits of about $62 million and loans of $26 million from QCR Holdings, which bought Community Bank earlier this year.
The sale is subject to regulatory approval and is expected to close in the fourth quarter this year.
Clear Lake Bank & Trust President Mark Hewitt says the purchase will let his bank “further expand our delivery channels in Mason City for both our retail and business customers.”
QCR Holdings Inc. is based in Moline, Ill., and is a multibank holding company.