IOWA CITY

On Dec. 11, two nearly centenarian banks merged, giving Riverside and Lone Tree residents one more branch at which to handle their financial transactions. Peoples Trust and Savings Bank merged with Farmers and Merchants Savings Bank; the two will now carry forward under the Farmers and Merchants Savings Bank name.

Farmers and Merchants Savings Bank was established in Lone Tree in 1901 and is the oldest bank in Johnson County. It opened a second office in Nichols in 1934, and a third office in Iowa City in 2000.

Peoples Trust and Savings Bank was founded in 1928 in Riverside, with a single office on Railroad Street. It will now function as Farmers and Merchant’s fourth location.

Both banks are family owned by the same parent company, Country Bancorporation, which also owns and operates additional banks in South English, Cedar Rapids, and Hiawatha. As such, they have operated under the same philosophy of providing excellent customer service with experienced bankers.

The merger, which came together quickly after the decision was made this summer, presented “an ideal opportunity to expand, blending our individual strengths to provide even greater value to our customers, communities, and shareholders alike,” Farmers and Merchants President/CEO Steven Crane said. “The Riverside location fits well in our footprint and offers customers who might live in Riverside and work in Iowa City the ability to visit either location to handle their banking needs.”

Those accustomed to banking in Riverside will see no immediate changes, Crane said. The bank will operate with the same friendly, experienced staff, and loan and deposit products will remain the same.

A new sign is slated to be installed in Riverside in mid-December, and new branding will also be rolled out in coming weeks. Eventually customers will need to order new checks and will receive new debit cards, but those in posession can continue to be used over the next six months or so.

Crane says the merger brings with it “a lot of positives” for customers. In addition to more bank locations, which may be especially convenient for those who commute between Muscatine, Lone Tree, Riverside, and Iowa City, additional experienced staff will be available to advise customers as needed. The bank services mortgages, commercial loans, agriculture loans, and offers online banking services.

As the bank is locally owned and staffed by people who live in the communities they serve, community involvement will continue to remain important to Farmers and Merchants Savings Bank, as demonstrated through serving on boards, making financial commitments, and volunteering.

It’s possible you might even see their parade float at an upcoming Trek Fest.

For those with questions about the merger, contact Farmers and Merchants Savings Bank at 319-648-2221.