South Dakota Based Bank Buying Iowa Branches

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By Becky Ogann

Story Created: Feb 2, 2010 at 10:10 AM CST

Story Updated: Feb 2, 2010 at 10:10 AM CST

SIOUX FALLS, S.D. (AP) - Sioux Falls, S.D.-based Great Western Bank says it is buying 10 F&M Bank-Iowa branches for $50 million cash.

F&M is a subsidiary of Michigan-based Citizens Republic Bancorp Inc. The transaction is subject to regulatory approvals but is expected to close this spring.

The purchase of the 10 branches will bring the number of Great Western locations in Iowa to 38. Great Western also operates in Arizona, Colorado, Kansas, Missouri and Nebraska.

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