CBI to buy MidWestOne branch

CBI Bank & Trust, Muscatine, Iowa, is buying a branch from MidWestOne Bank, Iowa City, Iowa..The Davenport, Iowa, office will be CBI's first foray into the Quad Cities area of southeast Iowa and northwest Illinois. It comes with $12 million in deposits and $33 million in loans. The $490 million CBI has eight other branches in Iowa.."While this will be our first location in the Quad Cities, we already have a number of commercial and mortgage loan customers in the area," said Greg Kistler, president and CEO of CBI's holding company, Central Bancshares, Inc. "We're excited by the opportunity to build on this strong base.".The deal, which marks MidWestOne's exit from the Quad Cities market, will close in the third quarter..The $2.9 billion MidWestOne has branches in Florida, Iowa, Minnesota and Wisconsin. It sold a branch in Ottumwa, Iowa, to Peoples State Bank, Albia, Iowa, last year..The $788 million Central Bancshares also owns Farmers & Mechanics Bank, Galesburg, Ill.