Northwood Financial Services, Inc the parent company of NSB Bank in Mason City, Iowa today announced that it has entered into a definitive agreement to acquire TSB Bank in Titonka, Thompson and Forest City Iowa.
TSB Bank services the communities of Titonka, Thompson and Forest City, Iowa. NSB Bank has locations in Northwood, East Mason City and West Mason City, Iowa. The Boyken Insurance Agency will remain with the Boyken Family and is not included in the definitive agreement.
Kirk Paulson, President and CEO of NSB Bank said his company was excited to join with TSB Banks and looks forward to a great working relationship.
Allan Boyken, President of Titonka Bancshares said, “NSB is a very successful community bank and has shown consistent growth, stability and profitability. We are eager to bring together two strong community minded and family owned banks. 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.”
The transaction should be completed in 2021 according to Paulson.
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.