TS Banking to buy Okey Vernon bank

TS Banking Group, Treynor, Iowa, will buy Okey-Vernon First National Bank, Corning, Iowa..The one-branch Okey Vernon has assets of $79 million, deposits of $68 million and total loans of $33 million as of Dec. 31. The bank had return on assets of 1.03 percent and net interest margin of 2.95 percent at that time, and both of those are down slightly from 2014..TS Banking Group is a joint venture between Treynor Bancshares, Inc., holding company of the $291 million Treynor State Bank, which operates as TS Bank, and TS Contrarian Bancshares, Inc., the bank holding company of $305 million The Bank of Tioga, N.D..After the merger closes in late summer, the Corning office will become the sixth branch of TS Bank. Besides Besides its main office in Treynor, it has branches in Macedonia, Atlantic, and Council Bluffs; an additional Council Bluffs office is slated to open in September.."Okey-Vernon First National Bank shares many of the same qualities and values of the TS Banking Group, which makes this a great fit for both organizations," said Joshua M. Guttau, TS Banking Group CEO. "The bank has been well-run with good credit quality, supportive of the community, and has a team of experienced local employees – something that is very important to us!".TS Banking's track record of giving back to the community, financial literacy programs for schools, and family ownership and management were key attractions in considering the deal, said James Whitmore, president of Okey-Vernon. "TS Bank is a very good fit for our bank, our employees, our clients, and the communities we serve," he said.