Independence, Iowa-based Fidelity Ban Corporation is expanding into Minnesota by acquiring Welcome State Bank. .The deal is expected to close later this year. As of the end of last year, Welcome State Bank had $44 million in assets, $28.7 million in net loans and leases. The bank also had $38.1 million in deposits. Fidelity Ban Corporation is the parent company of BankIowa, which has $2.4 billion in assets and 25 branches. Independence is in northeast Iowa, 220 miles southeast of Welcome, Minn., a community of 710 residents 10 miles north of the Iowa state border on Interstate 90. “We will gain access to expanded resources, enhanced products, services, and continued strength as a community-focused bank while maintaining our local presence and leadership,” said Welcome State Bank President Jon Saxen.
