Armor Bank of Forrest City announced Tuesday that it will acquire a branch in Marianna from Farmers & Merchants Bank of Stuttgart.
The banks have signed a definitive agreement, pending regulatory approvals, and the transaction is expected to close early next year. Financial details were not disclosed.
Armor Bank will gain the physical branch at 33 E. Main St. as well as its deposit and loan accounts. As of Aug. 31, the branch had about $53 million in deposits, which is half of the deposits in Lee County, according to a news release.
Armor Bank’s holding company, Big Creek Bancshares, is headquartered in Moro in Lee County.
“We are extremely pleased to be able to serve this great community that we know so well,” Armor Bank Board Chairman Mark Waldrip said in the release. “At a time of tremendous expansion in the life of Armor Bank, it is gratifying that this growth originates right here at home. We look forward to providing a simplified, customer-focused banking experience that existing Armor Bank customers have come to expect.”
The banks said they are working together to provide a smooth transition for customers and employees. Customers will receive additional information in the near future, and the purchase will not affect their accounts.
“It has been a pleasure for Farmers and Merchants Bank to provide financial products to Marianna and Lee County for over 11 and a half years,” said Farmers & Merchants President and CEO Gary Hudson. “We are so proud of our staff and the service that they have been able to provide to our loyal customer base. We are confident that the Armor team will continue to provide outstanding products and service to a very loyal market. “
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