Deal roundup: Iowa branches change hands, Minnesota family sells bank

Cedar Rapids, Iowa-based BankIowa is purchasing the Community Bank & Trust division of Cedar Rapids Bank & Trust. The division consists of two branches serving Waterloo, Iowa, and one branch serving Cedar Rapids. .The branches have about $140 million in deposits and $29 million in loans, according to Moline, Ill.-based QCR Holdings, Inc., the holding company for Cedar Rapids Bank & Trust plus three other subsidiary banks based in Iowa and Missouri.The transaction is not expected to result in a material gain or loss to QCR, which has $9.8 billion in assets. It is anticipated to close during the first quarter of 2027.BankIowa had about $846 million in assets and 13 locations predating this transaction. President and CEO Alison Urbana said: “We are excited to welcome these clients and employees to BankIowa.” Brooten, Minn.-based Bonanza Valley State Bank, a family-owned bank since 1894, agreed to sell to a group of local investors, organized as Bonanza Valley Acquisitions, Inc. The single-location bank is the only one in Brooten. It had about $75 million in assets as of June 30.Lake Elmo, Minn.-based TruStar Advisors was Bonanza Valley State Bank’s exclusive financial advisor on the transaction, which is expected to close this quarter.