More urban branches for Great Western

National Australia Bank's US banking arm continues to mop up small portfolios in target regions.

Great Western Bank yesterday said it agreed to acquire F&M Bank-Iowa for a total US $50 million or a premium of approximately US$5 million.  

The acquisition includes all ten F&M Bank branches in Iowa, all of which appear to be in or around the urban area of Des Moines. The vendor is Citizens Republic Bancorp

Great Western said in its announcement of the plan that it was buying US$125 million in loans, US$470 million in assets and US$410 million in deposits.

NAB bought a second portfolio of Iowa branches from TierOne Bank in late 2009, and bought bank branches in Colorado early last year.