Central Bancshares completes Walcott Trust merger

Outside CBI Bank & Trust’s headquarters in Muscatine. CREDIT CBI

By CBJ News Staff

Muscatine-based Central Bancshares completed its merger of Walcott Trust and Savings Bank into CBI Bank & Trust over the weekend, the company announced.

Central Bancshares, the parent of CBI Bank & Trust, acquired Walcott Trust and Savings last December. The community bank, with assets of about $125 million, served Scott and northeast Muscatine counties through two locations in Walcott and Davenport.

The completion of the merger lifts CBI Bank & Trust’s total assets to more than $650 million, and pushes its branch count to 11, including Corridor locations in Coralville, Kalona, Washington and Wilton. Assets at Central Bancshares, which also owns Galesburg, Illinois-based F&M Bank, now total more than $1 billion.

“We extend a warm welcome to Walcott Trust and Savings Bank clients,” said Bob Howard, president and CEO of Muscatine-based CBI Bank & Trust. “Starting today, they can enjoy the convenience of banking at 11 locations, plus access to a wider array of services such as wealth management, investments, and treasury and cash management services.”

Susan Daley, who had served as president and CEO of Walcott Trust and Savings, has been named Scott County market president for CBI Bank & Trust. CBJ