Login or request a free trial

NAB buys baby bank in Iowa

Great Western Bank, an NAB subsidiary, is set to pay US$41.5 million for First Federal Savings Bank of Iowa, a slight discount to net assets.First Federal is a state-chartered commercial bank with 11 branches, and assets of approximately US$433 million, and deposits of approximately US$361 million, Great Western said in an announcement yesterday.Net profit in the year to December 2011 was US$2.6 million, up from US$1.7 million in 2010.Great Western has around US$8 billion in assets.The takeover of First Federal is the fifth small bank takeover made by Great Western since NAB acquired the Midwest bank in 2007.

I'm a returning subscriber

Password reset
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day