First State Community Bank, a community bank headquartered in Farmington, has agreed to purchase nine Bank of America locations.
In this area, the bank has branches in Washington, Sullivan, Warrenton and Wright City
The purchase includes branches in Boonville, Cape Girardeau, Jackson, Kennett, Mexico, Moberly, Richland (Richland branch and drive-through locations are both included), Rolla and Vandalia.
In addition to the branch locations, the transaction will increase FSCB’s asset size to approximately $1.7 billion.
The project is expected to be completed in the second quarter of 2013 pending regulatory approval, and increases First State Community Bank’s regional footprint to 46 locations throughout Missouri.
“The new locations will be a great complement to some of our existing banks,” said Greg Allen, CEO and chairman of First State Community Bank. “We have recently had a rare opportunity to greatly expand our presence throughout Missouri and specifically within our regional footprint. We are fortunate to be in the position to capitalize on such great opportunities.”
First State Community Bank is working closely with Bank of America to ensure a seamless transition for both customers and employees. Once the transaction is complete, First State Community Bank expects many Bank of America employees to transition to the company and keep their current positions.
First State Community Bank, founded in 1954, has been growing steadily in recent years. Including the nine locations acquired from Bank of America, the company has added 23 new locations since 2008, nearly doubling in size.
FSCB is a full-service financial institution, with a variety of loan and deposit products and services. The bank also owns First State Insurance Agency (FSIA), a full-service independent insurance agency. Investment and brokerage services are available through First State Financial Management, Inc. (FSFM), a wholly owned subsidiary of First State Bancshares, Inc.