Community Bankshares Corp., parent company of Community Bank to acquire TruBank of West Des Moines, Oskaloosa and What Cheer

TruBank

April 4, 2016

Community Bancshares Corp., parent company of Indianola-based Community Bank, announces the signing of an agreement to acquire TruBank, an Oskaloosa financial institution with branch offices in What Cheer and West Des Moines. The agreement is subject to shareholder and regulatory approval, which is anticipated in the second quarter of 2016.

Community Bank operates bank locations in Indianola, Norwalk, Des Moines, and Newton, Iowa. With the addition of TruBank’s offices the Community Bank/TruBank customer base will be served by a total of eight banking locations. When completed, the consolidation will create an estimated combined asset value of $300 million. With this increase in size the combined banks will be able to better serve their customers through increased product offerings in a more efficient manner.

Founding Community Bank President and CEO Keith Welling welcomes TruBank customers to the Community Bank family, where they will benefit from the bank’s customer relationship centered approach for both personal and business clients. Welling believes TruBank’s customers, staff, products, and locations all complement those of Community Bank, and will improve the combined organization’s ability to meet the demands of today’s banking environment.

“After careful consideration, our board of directors feels that the merger will serve the long term interests of our shareholders, employees, and the communities we serve” said TruBank President Paul Swenson.