Pilot Grove Savings Bank Announces Acquisition of Wayland State Bank

A merger between two banks in our area has been made official.

Pilot Bancorp, Inc., the holding company of Pilot Grove Savings Bank, announced the signing of an agreement to merge Wayland State Bank with Pilot Grove Savings Bank.

This agreement is subject to shareholder and regulatory approval which is anticipated to occur in the 2nd quarter of 2024. The completed merger is expected to take place during the 3rd quarter of 2024.

This will create an estimated combined asset value of just shy of one billion dollars, at $942 Million. Wayland State Bank operates banks in Wayland, Winfield, and Mount Pleasant, Iowa.

Matt Morrison, Pilot Grove Savings Bank President and CEO commented, “We are delighted to welcome Wayland State Bank into the Pilot Grove Savings Bank family. It is rare to find a bank whose dedication to customer service and traditional banking values mirrors that of Pilot Grove. Our like-minded approach can only serve to produce a seamless transition for both the employees and customers.”

Wayland State Bank has been committed to the community, customers, and employees, for over 90 years. Led by a dedicated and progressive board of directors, they have become aware that more opportunities are available to enhance the value of Wayland State Bank to their communities.

They are very fortunate to join forces with a partner that allows us to fulfill that vision. “Pilot Grove will enable us to combine our strengths to form a team of community minded, experienced bankers who share a common value in providing innovative financial solutions and pledging our resources to promote agriculture, small business and home ownership,” CEO Robert Meyer said. “Our top priority is to make this transition as seamless as possible for our customers and employees.”

“The Pilot Grove team is excited to work with the employees and customers of Wayland State Bank,” Morrison said. “Banking rural Iowa communities is not only a specialty of Pilot Grove Savings Bank but a commitment. We are confident everyone will appreciate our focus on successful banking relationships and community growth.”

About Pilot Grove Savings Bank:

Pilot Grove Savings Bank was established on May 12, 1911, when 23 investors collectively pooled $10,000 to form the foundation of the bank. Beginning in a modest building on the sole street in Pilot Grove, Iowa, the institution’s journey has been marked by resilience and growth. Over the decades, the Home Office in Pilot Grove witnessed significant expansions, reflecting the bank’s commitment to accommodating its expanding services. Branch offices sprouted in neighboring towns, with notable additions in Houghton (1980), Donnellson (1983), West Point (1992), Mount Pleasant and Packwood (2000), Winfield (2004), Fort Madison (2011), Keokuk (2013), Fairfield (2014), and West Burlington (2020). Today, with over 100 employees, Pilot Grove Savings Bank remains steadfast in its founding values of trust, loyalty, and commitment, poised to embark on a new chapter through this merger with Wayland State Bank.