NAB continues US collection
(3 February 2010 – USA) National Australia Bank has acquired the small Iowa based Farmers & Merchants Bank (F&M) for US$50 million (A$57 million), continuing its collection of US banks under its Great Western subsidiary.
The purchase from Citizens Republic Bancorp delivers into NAB’s Greater Western unit ten branches across Iowa, US$125 million in loans and a deposit book of US$410 million.
Over the last year Great Western has spent a total of US$100 million purchasing banks and deposit books.
The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the second quarter of 2010.
NAB’s chief executive, Cameron Clyne previously said that Great Western offered an avenue for the bank's attempt to expand in the US agribusiness market.
Cathleen Nash, president and CEO of Greater Wester Bank, said that the sale of F&M Bank, Iowa will further enhance Greater Western’s already strong liquidity and capital position.
Over the last year Great Western has spent a total of US$100 million purchasing banks and deposit books.
The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the second quarter of 2010.
NAB’s chief executive, Cameron Clyne previously said that Great Western offered an avenue for the bank's attempt to expand in the US agribusiness market.
Cathleen Nash, president and CEO of Greater Wester Bank, said that the sale of F&M Bank, Iowa will further enhance Greater Western’s already strong liquidity and capital position.
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