(MAGNOLIA, AR) – Farmers Bank & Trust of Magnolia, Arkansas, and 1st Bank of Texarkana, Texas, announced today, they have entered into an agreement for Farmers Bank & Trust to purchase 1st Bank.
“Farmers Bank & Trust is excited about the opportunity to serve the customers and staff of 1st Bank”, stated Bob L. Burns, Chairman and Chief Executive Officer 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.”
Mike Cross, President and Chief Executive Officer of 1st Bank commented, “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.”
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 Magnolia Banking Corporation and First National Bancshares of Hempstead County unanimously approved the agreement which is subject to shareholder and regulatory approval. The transaction is anticipated to close at the end of the third quarter of 2014 and 1st Bank will be merged into Farmers Bank & Trust. With the close of the transaction, Farmers Bank & Trust will have approximately $1.2 billion in assets.
Customers of 1st Bank can expect to receive notifications regarding the progress of the transaction well in advance of any changes. Until the transaction is complete, customers of both banks should continue to conduct business as usual at their convenient bank locations. 1st Bank customers should continue to use their same checks, debit cards, and online banking services. If customers have questions, they should contact their local office.
About Farmers Bank & Trust
Farmers Bank & Trust is a 108 year old community bank with assets totaling $885 million. FB&T has a total of 17 banking locations serving the communities of Magnolia, Camden, East Camden, Welcome, Malvern, Rockport, Haskell, and Texarkana. Farmers Bank offers a full range of deposit services, trust and investment management services, as well as business, commercial real estate, construction, mortgage, residential and consumer loans. To learn more visit their website at www.myfbtbank.com.
About 1st Bank
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. For more information, visit 1st Bank’s website at www.first-banking.com.