First Bank Corp., First State Bank sign merger agreement

First Bank Corp., a bank holding company that includes First National Bank of Fort Smith, is merging with Russellville-based First State Bank in a stock and cash deal. Financial terms of the transaction between the two privately-held companies were not disclosed.

The banks have signed a definitive merger agreement, with the deal pending regulatory approval. Sam T. Sicard, CEO of First Bank Corp., said they hope for regulatory approval by the end of March.

While the deal is referred to as a merger, the controlling entity will be First Bank Corp. There will be no logo, signage, or system changes at First State Bank.

Sicard said he has known First State Bank CEO Chip Blanchard for years. He said Blanchard approached him about a deal that would strengthen First State’s ability to compete and expand in the Russellville area and beyond.

“I think very highly of him (Chip),” Sicard said. “It’s a very profitable bank, a very well-run bank, and respected in the state. … The big confidence I have in this is in Chip’s leadership. He will add significantly to the leadership team in the company.”

Sicard said the deal will allow the two banks, especially First State Bank, to handle larger loan requests and seek expansion opportunities.

“We have more capital together, so we can finance larger projects,” Sicard said.

He also said First State Bank, which does not have a trust and wealth management department, will be able to offer its customers such services from First Bank Corp.

“I look forward to joining forces with First Bank Corp. and am honored to join its board of directors,” Blanchard said in a statement. “This partnership provides the scale to support continued investment in technology and growth while preserving the community-focused banking our customers expect. I am proud to continue leading First State Bank alongside the same team of community bankers our customers know and trust, strengthened by the resources of a multi-bank holding company as we expand relationships and deliver personalized service across the communities we serve.”

Sicard said Blanchard will have a seat on the First Bank Corp. board of directors, and he and Mike Echols, an officer at First National Bank, will be on the First State Bank board.

First National Bank of Fort Smith, with $2.274 billion in assets at the end of 2025, is almost more than four times the size of First State Bank with $613.664 million in assets at the end of 2025.

First National ended 2025 with $46.92 million in net operating income, according to the Federal Deposit Insurance Corp. (FDIC), up 16.2% compared with $36.086 million in 2024. The bank ended 2025 with total deposits of $1.968 billion, up from $1.884 billion at the end of 2024.

First State Bank had 2025 net operating income of $7.844 million, up 27.3% compared with $6.161 million in 2024, according to the FDIC. The bank ended 2025 with $539.8 million in deposits, up from $527.328 million at the end of 2024.

First Bank Corp is a holding company comprised of First National Bank of Fort Smith, First National Bank of NWA, National Bank of Sallisaw, Citizens Bank and Trust, and Central National Bank of Poteau. The bank was founded in 1872.

First State Bank was founded in 1934 in Plainview and moved its headquarters to Russellville in 1999.