Farmers Bank & Trust Of Magnolia To Acquire 1st Bank Of Texarkana
by July 14, 2014 5:59 pm 483 views
Farmers Bank & Trust of Magnolia, Arkansas, and 1st Bank of Texarkana, Texas, announced Monday (July 21) they have entered into an agreement to merge.
Farmers Bank & Trust will acquire 1st Bank in a private transaction whose terms were not disclosed.
“Farmers Bank & Trust is excited about the opportunity to serve the customers and staff of 1st Bank”, said Bob L. Burns, Chairman and CEO of Farmers Bank & Trust. “When completed, this transaction will present a great opportunity for Farmers Bank to expand our financial services in Arkansas and Texas along the I-30 Interstate corridor. This expansion fits well with our plans for growth in these market areas.”
Farmers Bank & Trust is a 108-year old community bank with assets totaling $885 million. It has a total of 17 banking locations serving communities in Magnolia, Camden, East Camden, Welcome, Malvern, Rockport, Haskell, and Texarkana.
1st Bank was founded in Hope, Arkansas in 1893 and has $309 million in assets with eight locations in the communities of Hope, Texarkana, Blevins, and Lewisville in Arkansas and Texarkana and New Boston in Texas.
“This transaction allows us to partner with a strong community bank that is focused on providing great customer service with a deep commitment to the communities where it operates, and a great place for employees to perform and advance. We look forward to working with the management team of Farmers Bank & Trust to make this a smooth transition for our customers and employees,” said Mike Cross, President and CEO of 1st Bank.
Farmers Bank & Trust is owned by a privately held holding company, Magnolia Banking Corporation, headquartered in Magnolia, Arkansas. 1st Bank, N.A., is owned by First National Bancshares of Hempstead County, Inc., headquartered in Hope, Arkansas.
The holding company boards of both banks have approved the agreement, which must still meet shareholder and regulatory approval.
Upon closing of the transaction in the third quarter of 2014, Farmers Bank & Trust will have approximately $1.2 billion in assets.