First State Community Bank, a subsidiary of First State Bancshares, Inc. based in Farmington, announced Tuesday it plans to purchase seven bank locations in Dutzow, Gerald, Hermann, Owensville, Ste Genevieve, Warrenton, and Washington from First Bank, headquartered in St. Louis.
“Our team at First State Community Bank is excited about this opportunity,” said Greg Allen, chairman and CEO of First State Community Bank.
“The new locations will be a great complement to our existing branches in the area,” he said. “Customers will enjoy all that First State Community Bank has to offer, including strong leadership from our local presidents who have experience serving many of the markets.”
Scott Breckenkamp, president of Washington/Pacific markets, said the bank is thrilled to be adding these branches and more importantly, the staff and customers to the organization.
“When completed, FSCB will grow to 59 branches and this will give our bank the widest local network of branches with locations in Washington, Pacific, Dutzow, Wright City, Warrenton, Hermann, Owensville, Gerald and Sullivan,” Breckenkamp said.
“Not to mention in many of the college towns our kids attend such as Columbia, Cape Girardeau and Rolla. This will provide convenience to customers,” he added.
Shelley Seifert, chairman and chief executive officer of First Bank, said the bank committed to partnering closely with First State Community Bank to ensure a smooth and seamless transition for both clients and staff.
“We are pleased the communities will continue to receive great banking products and services through the team at First State Community Bank,” she said.
The acquisition is subject to approval by federal and state regulatory bodies and is expected to close in the third quarter of 2020.