DUBUQUE, IA (January 2022) – James R. Kennedy, Jr., Fidelity Bank & Trust Chairman of the Board, announced the bank acquired Farmers & Traders Savings Bank of Bancroft, Iowa on December 31, 2021.
The acquisition continues the tradition of the Bancroft bank being owned by the Kennedy family since 1911, as James R. Kennedy, Jr. represents the fourth generation to lead the bank. James R. Kennedy, Sr. worked at Farmers & Traders Savings Bank until 1980. At that time, Jim and his wife, Ellen, moved their family to Dyersville, Iowa where he purchased Fidelity Bank & Trust.
“After more than 100 years of family ownership, it was important to us for the bank to stay in the Kennedy family,” said Charles Kennedy, former President of Farmers & Traders Savings Bank. In addition, Fidelity is committed to maintaining support of the Bancroft community, so it will continue to be vibrant and prosperous,” added Charles.
Fidelity Bank & Trust now has 34 banking locations throughout Iowa, southwest Wisconsin and western Illinois.
“Not only does this acquisition represent deep family roots, but we are excited to continue the culture of great customer service and community involvement established by Farmers & Traders Savings Bank,” said Kennedy, Jr. “We are honored to be a part of the family tradition and we are excited to work with staff and customers to ensure a smooth transition,” he added.