Bank Iowa, H& H Trailers each announce recent acquisitions

Two longtime, lucrative businesses with ties to Red Oak have made recent acquisitions of other similar organizations.

Bank Iowa Corporation has acquired the First State Bank of Colfax.

First State Bank of Colfax has already officially begun operating as Bank Iowa. The $65 million community bank was previously owned by Dentel Bancorporation.

“We are pleased to announce that we are officially serving the Colfax community as of today,” said Jim Plagge, CEO of Bank Iowa. “We have begun integrating the two banks’ systems and onboarding Colfax clients to Bank Iowa products and services. The remodel of the current building will begin soon, and we look forward to celebrating its completion with the community in 2020.”

James Feudner, Bank Iowa regional president, will oversee the Colfax office.

“Colfax is a great town, and we are really excited about becoming a part of the community.”

Additionally, Novae Corp. has finalized the acquisition of Trailerman Trailers, Inc.of Louisiana, Mo.

Headquartered in Markle, Indiana, Novae Corp is a leading North American manufacturer of utility, dump, equipment and enclosed trailers marketed under the brands of Sure-Trac®, H&H Trailers® and CAM Superline®.

Novae Corp. operates 11 manufacturing facilities in Northeast Indiana, Western Iowa and Eastern Pennsylvania and distributes all three brands through a network of independent dealers throughout North America.

Trailerman will continue to operate independently in Missouri under the Novae Corp group of companies. Novae Corp plans to retain the Trailerman® brand, facilities and employees and build upon its 20-year history as a highly respected brand.

“Trailerman’s great company culture and solid dealer network align extremely well with the Novae Corp value proposition of providing quality products and superior customer service” according to Mark Yde, Director of Business Development for Novae Corp. “There is a tremendous opportunity to expand upon the current attractive product offering and to increase the brand’s geographical reach.”

Novae Corp is a privately-held company that was founded in 1995 and entered the trailer segment in 2000.

Novae Corp is one of the fastest growing companies in the trailer industry over the last decade and has consistently been among the Inc 5000 fastest growing private companies.