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IOWA NATIONAL BANKSHARES CORP. COMPLETES ACQUISITION OF MIDAMERICA FINANCIAL CORPORATION, PARENT COMPANY OF MIDAMERICA SAVINGS BANK

 WATERLOO, Iowa, June 1 /PRNewswire/ -- Iowa National Bankshares Corp. (Nasdaq: INBS) today announced that it has completed its acquisition of MidAmerica Financial Corporation, the parent company of MidAmerica Savings Bank. INB and MidAmerica had entered into an agreement on Dec. 31, 1992. The lengthy delay was the result of Federal Reserve concerns over concentration of deposits in Black Hawk County, Iowa and certain non-banking related activities operated by MidAmerica Savings Bank but not permitted for bank holding companies.
 "This is a very important acquisition for our company. MidAmerica is a high performing, quality institution located in very desirable Iowa markets. We will leverage their presence and excellent reputation to grow our base of business in Iowa," commented Erl A. Schmiesing, Chairman of Iowa National Bankshares Corp. "We are excited about adding their customers, officers and staff to our organization. INB is poised for continued success; MidAmerica's management and staff will certainly play an important part in the future of our company."
 With assets of $1.2 billion, Iowa National Bankshares is the third largest multi-bank holding company headquartered in Iowa. The corporation owns five banks with banking facilities in 32 branch locations in 19 communities across the state of Iowa.
 -0- 6/1/94
 /CONTACT: Erl A. Schmiesing, chairman of Iowa National Bankshares Corp., 319-291-5429; or Gregory L. O'Hara, president and chief executive officer of MidAmerica Savings Bank, 319-234-5523/
 (INBS)


CO: Iowa National Bankshares Corp.; MidAmerica Savings Bank ST: Iowa IN: FIN SU: TNM

CP-MA -- MN013 -- 2107 06/01/94 12:36 EDT
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Publication:PR Newswire
Date:Jun 1, 1994
Words:253
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