Mountain View-based Stone Bank announced Monday (Feb. 25) an agreement to acquire DeWitt Bank &Trust in a deal expected to close in the second quarter. Terms of the private transaction were not disclosed.
DeWitt Bank & Trust will eventually merge with Stone Bank, according to the press release from Stone Bank. Customers of Dewitt Bank & Trust will be able to conduct banking as usual and continue to use their same checks, debit cards, and online banking services until the two banks merge. Customers will receive notifications from Stone Bank in advance of any changes. DeWitt Bank & Trust has locations in DeWitt and Gillett.
“We are very excited to extend our banking brand and services into Arkansas County. DeWitt Bank & Trust is a good fit with our suite of services designed for rural communities and the expertise we’ve developed in farm lending,” Stone Bank CEO Marnie Older said in the statement. “This merger will also allow Stone Bank to begin offering trust services, which are so important in farming communities. We pride ourselves on customer service and community involvement including both high touch and high tech solutions for our customers.”
Stone Bank is a $372 million community bank with $280 million in loans and $41 million in capital. Stone Bank has 86 employees and locations in Harrison, Little Rock, Mountain View, White Hall and Cave City.
“Since my first discussions with Stone Bank CEO Marnie Oldner, I’ve known that this merger would be a very positive move for both of our banks. The people of Arkansas County will benefit from broader access to the capital they need from a well-run community bank with plans to continue our commitment to the farmers, businesses and families of South Arkansas,” noted David Jessup, president and CEO of DeWitt Bank & Trust.