CEDAR RAPIDS, Iowa – The bank developer for the Meskwaki Tribe said the tribe plans to buy a Marshalltown bank with about $90 million in assets in a sale that could be completed by early summer.
Bank developer David Burrell said the tribe will soon file regulatory applications to buy Pinnacle Bank, which is close to the Meskwaki Settlement.
Tribal leaders had planned to start a new bank about two years ago, but turned to Pinnacle Bank when it became available.
Burrell said in a December article in the settlement newspaper that a conservative, well-run bank should be able to generate a 1 percent return on its assets.
Burrell says in the article that the tribe could keep about $500,000 a year in interest and fee income.
