American State Bank Announces New Ownership Agreement Pending Regulatory Approval

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PIERRE, S.D. – (From American State Bank) According to a joint statement released by William V. Fischer, President and CEO of American State Bank of Pierre and Jack W. Steele, Chairman of Leackco Bank Holding Company, the companies have entered into an agreement; subject to bank regulator approval for Leackco to acquire 100% ownership of American State Bank.  Fischer who has been at the helm of American State Bank since 1983 stated “After a long career of building American State Bank into a key part of the Pierre and Ft. Pierre communities, it is gratifying to be able to turn over the reins to Leackco and the Steele family.  They have a long, successful track record of community banking inSouth Dakota.  Their expertise and concern for employees, customers, and communities makes this decision a very comfortable  fit for both  parties and for our employees and customers in the Pierre and Ft.Pierre areas.”

Steele stated “Our family has been in South Dakota Banking for nearly 70 years stretching over three generations.  American State Bank has a great reputation as a strong community bank, and we intend to protect and build on that reputation.”

American State Bank has $145 million in assets and 27 employees.  Leackco is the principal owner of American Bank & Trust with $375 million in assets, 85 employees and offices in Alpena, De Smet, Huron, Mellette, Miller, Wolsey, and Wessington Springs (which is the corporate headquarters).  With the proposed acquisition, Leackco’s combined assets will exceed $520 million.

Leackco also has several affiliated insurance agencies with 30 employees.

American State Bank will continue to operate under its existing charter.  Fischer said “Upon closing of this transaction, I plan to pursue other interests and Bob Clair will be named President & CEO of American State Bank.”  He continued “I have enjoyed a special privilege in a wonderful community which included the leadership of a terrific and dedicated team of employees serving outstanding customers over many years.  It’s a pleasure to know that the Steele family will ensure continuation of that reputation.”

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