Northwood Financial Services Inc., the parent company of NSB Bank in Mason City, has entered into an agreement to acquire TSB Bank in Titonka, Thompson and Forest City.
The Boyken Insurance Agency will remain with the Boyken Family and is not included in the definitive agreement.
“We are excited about the acquisition of TSB Bank. Both TSB and NSB are highly regarded, family-owned banks. There are many similarities in our markets as well as our customer and community-oriented approach to banking,” said Kirk Paulson, president and CEO of NSB Bank.
Allan Boyken, president of Titonka Bancshares said NSB Bank has shown consistent growth, stability and profitability.
"We are eager to bring together two strong, community-minded and family-owned banks," Boyken said. "At TSB, we have always used a customer first approach to our customers and communities and in NSB we found a partner that will continue that philosophy.”
In its last publicly accessible quarterly report, from June 2020, NSB Bank had $242.9 million in assets, $206.6 million in deposits and $218 million in liabilities. From the same quarter, TSB Bank had $185 million in assets, $152.5 million in deposits and $162.7 million in liabilities.
The transaction should be completed in the fourth quarter of 2020. TSB will operate as a separate organization within the Northwood Financial Services holding company until TSB is merged with and into NSB Bank in mid-2021.