A year after entering Jonesboro’s $2.6 billion-deposit market, Farmers & Merchants Bank of Stuttgart is expanding its branch network with a second location.
The $1.4 billion-asset lender bought a former Regions Bank location at 3100 Southwest Drive, on the southern edge of Interstate 555.
The $1 million acquisition was accompanied by the sale of excess land adjoining the bank’s 400 E. Highland Drive branch. Farmers sold an undeveloped 2.4-acre piece of the property for $500,000, a move that also cut the monthly lawn care bill.
Regions pruned the 3100 Southwest Drive office from its branch network more than 12 years ago. Farmers entered the Jonesboro banking scene 14 months ago through the purchase of Mountain Home’s Integrity Bank.
The branch in the works for Farmers represents No. 41 among 19 different banks on the ground in Jonesboro.