FOR IMMEDIATE RELEASE

Farmers Trust and Savings Bank Announces Agreement to Acquire Peoples State Bank of Wells

Acquisition expands Farmers Trust and Savings Bank’s footprint in south-central Minnesota while strengthening shared commitment to local and agricultural communities

Buffalo Center, IA (December 3, 2025) — Farmers Trust and Savings Bank (FTSB) and Peoples State Bank of Wells (PSB) jointly announced today that they have entered into an agreement under which FTSB will acquire PSB. The acquisition expands FTSB’s community banking presence into a neighboring rural market, reinforcing both banks’ dedication to supporting local families, businesses, and the agricultural communities that drive their economies.

“This agreement represents an important opportunity to bring our community-focused approach to new areas while honoring the trusted relationships that PSB has built,” said Doug Leland, FTSB President. “Our banks share deep roots in agriculture and a commitment to local decision-making, personalized service, and investing in the places we call home.”

While FTSB currently serves customers in communities neighboring PSB’s market area, the acquisition will extend its reach to include new customers and communities that share similar rural values and priorities.

Following the merger, PSB customers will continue to experience the same friendly, familiar service they rely on today. Over time, they will gain access to a wider range of products, enhanced digital banking tools, and expanded lending resources—all while continuing to work with the same local bankers they know and trust.

“This partnership is a positive step for our customers, employees, and community,” said Ann Marie Schuster, PSB President. “By joining with FTSB, we can continue delivering the relationship-based service our customers value, while gaining additional resources and technology to help our rural and agricultural communities grow and thrive.”

The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed in the first quarter of 2026. Until then, both banks will continue to operate independently.

Together, FTSB and PSB will build on their shared legacy of community banking—supporting the people, farms, and businesses that make their communities strong.

About FTSB: FTSB currently has four locations in north-central Iowa – Buffalo Center, Lakota, Britt, and Lake Mills, as well as one location in south-central Minnesota – Bricelyn.