West Des Moines, Iowa-based Midwest Heritage Bank is expanding in the western part of the state by acquiring Iowa Savings Bank, Carroll..The deal is expected to close this spring. Midwest Heritage Bank is owned by grocery giant Hy-Vee. As of late January, Midwest Heritage had $491 million in assets, $358 million in deposits and nine branches. Iowa Savings Bank had $290 million in assets, $260 million in deposits and 32 branches. Financial details of the deal have not been disclosed. “While Midwest Heritage currently offers investment and insurance solutions to help customers grow and protect their assets, the acquisition of Iowa Savings Bank brings additional expertise in estate planning, asset transfer and legacy management,” according to Midwest Heritage. “Together, these services create a more comprehensive and integrated wealth management platform.”
