Acquisition

The acquisition of Bank of Prescott makes Farmers Bank of Magnolia a $1.7 billion institution.

Farmers Bank & Trust of Magnolia and Bank of Prescott have announced the latter’s merger with Farmers, effective Friday.

“Farmers Bank & Trust is excited about the opportunity to serve the community of Prescott, AR,” said Chris Gosnell, Farmers Bank & Trust chief executive officer, Chris Gosnell.

“Upon completion, this transaction will present a good opportunity to continue our financial services expansion in Arkansas along the I-30 Interstate corridor.”

John Brannan Jr., Bank of Prescott chief executive officer said, “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.

Bank of Prescott operated as a subsidiary of Prescott Bancshares, Inc., in Prescott. With the close of the transaction, Farmers Bank & Trust will have approximately $1.7 billion in assets.

Farmers Bank & Trust will convert all Bank of Prescott accounts to Farmers Bank & Trust during the weekend of Saturday, December 7.

Customers of Bank of Prescott can expect to receive specific details regarding the conversion process well in advance of any changes. Until the conversion is complete, customers of both banks should continue to conduct business as usual at their convenient bank locations. Bank of Prescott customers should continue to use their same checks, debit cards, and online banking services. If customers have questions, they should contact their local office.

CLICK HERE to read more business news on our website.

 

Click an emoticon to express your reaction to this article.

1
0
0
0
0

Recommended for you