Newspaper article St Louis Post-Dispatch (MO)

Farmington Bank Is Buying 9 Bank of America Branches

Newspaper article St Louis Post-Dispatch (MO)

Farmington Bank Is Buying 9 Bank of America Branches

Article excerpt

First State Community Bank is buying nine Bank of America branches in Missouri.

The acquisitions will boost First State Community, based in Farmington, Mo., to $1.7 billion in assets and 46 Missouri branches. The acquisition includes customer deposits and about $5 million in loans.

The nine branches are in Boonville, Cape Girardeau, Jackson, Kennett, Mexico, Moberly, Richland, Rolla, and Vandalia. The deal is set to close in the second quarter of 2013, pending regulatory approval. Terms of the deal were not disclosed.

The branches complement some of its current markets, such as Cape Girardeau, Greg Allen, CEO and chairman of First State Community, said in an interview with the Post-Dispatch. Other branches are in new markets for the bank, including Rolla.

"We feel Rolla is a good growth area with the university, being near the highway and its economic strength," Allen said. "We think there's a lot of potential for a community bank like ours." There are no staffing changes planned for Bank of America's 55 employees at the nine branches, who will become First State employees, Allen said. …

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