Fidelity Bank & Trust buying EDSB

Fidelity Bank & Trust will acquire East Dubuque Savings Bank, officials announced today.

The move would increase Fidelity's network of branches to 20 and bring its total assets to approximately $750 million. The transaction will be finalized Dec. 4, pending regulatory approval.

Bryan Vander Lee, chief financial officer and executive vice president for Fidelity Co., parent company of Fidelity Bank & Trust, said the acquisition positions the bank to become a greater player in the Dubuque market. Currently, the bank does the majority of its business in rural communities outside of Dubuque, he said.

"What we are doing here is taking two up-and-coming organizations in this community and putting them together," he said. "With our combined staffs and combined lending teams, we are really excited about the future, and we feel like we can participate in this market in an even better way."

Fidelity Bank & Trust has 16 locations in Iowa and two in Wisconsin. The deal would add East Dubuque Savings Bank's two branches, at 475 Cedar Cross Road in Dubuque and 242 Wall St. in East Dubuque, Ill. (full article…)

BY JEFF MONTGOMERY, Dubuque Telegraph Herald, August 27, 2015. JEFF.MONTGOMERY@THMEDIA.COM

This copyrighted material is posted with permission of TH Media