DUBUQUE, Iowa — Officials say more than 40 Dubuque jobs will be lost after MidWestOne's purchase of ATBancorp is completed.
The two banking companies announced the agreement last August. Dubuque-based ATBancorp operates 12 Iowa branches of American Trust & Savings Bank and five American Bank & Trust branches in Wisconsin. Iowa City-based MidWestOne has 24 branches in Iowa, 13 in Minnesota, four in Wisconsin, two branches in Florida and one branch in Colorado.
MidWestOne's senior vice president of communications, Greg Turner, said Tuesday that the deal is expected to close May 1. The transaction was valued at around $170.3 million, based on MidWestOne's stock price last August.
Turner says some of the 44 ATBancorp employees whose jobs will be eliminated because of duplication are retiring or already have found new positions.