Levo Credit Union (“Levo”) has acquired a Sioux City, Iowa, bank branch from Heritage Bank, National Association (“Heritage”). The branch is located at 4530 Singing Hills Boulevard. Levo, which is headquartered in Sioux Falls, South Dakota, has completed the transaction with Heritage, which is based in Spicer, Minnesota.
Olsen Palmer LLC served as financial advisor to Heritage Bancshares Group, Inc. in connection with this transaction.
With the agreement approved by regulatory authorities, Levo will take on some deposits and loans, as well as the property. Heritage customers have also officially transitioned to Levo.
The transaction completion comes after Levo announced an expansion of its service area from 4 counties around Sioux Falls to 29 counties along the I-29 corridor in South Dakota, Iowa, North Dakota, and Minnesota.
Olsen Palmer remains the #2 sell-side bank M&A advisor nationwide – and a top 3 overall bank M&A advisor – based on the number of transactions advised upon since 2020 according to S&P Global.