A family of Missouri bankers has agreed to buy Stone Bancshares Inc., the parent company of Stone Bank of Mountain View, the bank announced Wednesday.
Per the deal, the Combs family of Missouri, which owns banks including First Community Bank of the Ozarks, will purchase SBI and its subsidiary bank, according to a news release. Financial terms of the cash transaction were not disclosed.
"We are pleased to look ahead with the Combs family," Stone Bank CEO Marnie Oldner said in a news release. "Kendall Combs has expressed great confidence in our team, and we are pleased that he and his family expect us to continue operating the Bank as an Arkansas-chartered bank.
"We've enjoyed tremendous success and have plans to continue serving our existing customers and creating new growth opportunities. While excited for the future, we are grateful to all of our current shareholders who have supported us since our inception. When we've needed capital to support growth, they've been there for us."
Stone Bank operates six locations in Mountain View, White Hall, Little Rock, Harrison, DeWitt and Gillett. As of Nov. 30, the bank had total assets of $650 million and 116 employees.
The Combs family owns four banks chartered in Branson, Kimberling City, Alton and Grandin, Missouri. Those banks operate 12 branches throughout southern Missouri. The Combs family is also involved in hospitality and commercial real estate.
"Stone Bank is a growth-oriented, highly profitable bank. They have a wonderful team of bankers in place who have built an exceptional community bank," Kendall Combs said in a news release. "Their markets are very compatible with those of our existing banks, so we understand them. Like our Missouri banks, Stone Bank is customer-focused and community minded. These traits are important to my brothers, Randall and Mike, and our families."
The deal is expected to close in the first quarter of 2023 and is subject to regulatory approvals and approval by Stone Bancshares shareholders.
Members of the Combs family are large stakeholders in Alton Bancshares Inc., which controls two Missouri lenders: the $142 million-asset First Community Bank of the Ozarks in Branson and the $110 million-asset Alton Bank.
In March, Alton Bancshares struck a deal to buy a third southern Missouri lender: the $160 million-asset Table Rock Community Bank in Kimberling City.
DD&F Consulting Group of Little Rock was financial adviser and Kutak Rock LLP of Omaha, Nebraska, served as legal counsel to SBI in the transaction. Stinson LLP of Kansas City, Missouri, was counsel to the Combs family.