First State Bank announces the acquisition of Capra Bank’s Montezuma location

​         Montezuma’s Capra Bank at 106 S. 2nd St. is changing hands in the early fall to First State Bank, a 110-year-old banking family with locations in Lynnville, Sully, Brooklyn, New Sharon, Grinnell and Agency. The announcement was made on Monday, May 13. Capra Bank purchased the former People’s Savings Bank in 2022. 

        In a joint statement, Steve Russell, President and CEO of First State Bank, and Lynn "Tut" Fuller, Chairman and CEO of Capra Bank, announced that First State Bank has agreed to purchase and assume operations of the Montezuma, Iowa branch of Capra Bank.
        Capra Bank is located at 106 S. 2nd St. in Montezuma.
        The transaction, which is expected to be completed in the early fall of 2024, will allow First State Bank to continue providing customers with the local and personalized service to which they are accustomed, paired with an extended network of locations allowing for added convenience. 
      Russell, President and CEO of First State Bank, said, “We would like to welcome Capra Bank customers to the First State Bank family. This is a great opportunity to expand our footprint, marking an exciting new chapter for our institution. Our bank has a long history of superior service and community-involvement, and we feel that our organization's values align perfectly with the unique and vibrant community of Montezuma."
      Locally owned and operated for more than 110 years, First State Bank holds true to their founding values of providing exceptional customer service while remaining active and committed to the local communities they serve. With locations in Lynnville, Sully, Brooklyn, New Sharon, Grinnell and Agency, the bank has assets totaling $330 million. 
        Capra Bank was founded in 2023 by Lynn “Tut” Fuller, who purchased People’s Savings Bank in Montezuma in 2022. Fuller, a fourth-generation banker, was inspired to build a community bank focused on talent and industry-leading technology.  Capra Bank has grown from $50 million to more than $300 million in assets since its formation, with ambitious plans for continued growth. 
       “Customers will receive clear, frequent communication and dedicated service throughout the transition. All employees at the bank will be retained enabling customers to continue banking with people they know and trust,” added Russell.  
         “While it was a difficult decision to sell the Montezuma location of Capra Bank, it became clear that First State Bank is a great fit for the community,” stated Fuller, Capra Bank Chairman and CEO. “First State Bank is a well-respected financial institution with a long and steadfast history. We feel confident that First State Bank will be a committed partner and valuable resource for customers and the community of Montezuma."
        Following the transaction's close, which will require bank regulatory and shareholder approval, First State Bank will have seven locations across Iowa.   
          First State Bank and Capra Bank are Members of FDIC.