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Court Approves Heartland’s Sale of Community State Bank

1 min read

A bankruptcy judge signed off on the sale of Community State Bank of Bradley (Lafayette County), the prime asset of its parent company, Allcorp Inc.

The order greenlights a proposed sale of the $15.5 million-asset bank by Allcorp’s largest creditor, Heartland Bank. Allcorp entered bankruptcy a year ago and owes Heartland $1.3 million, a debt secured by the holding company’s ownership of Community State Bank.The proposed $2.35 million acquisition still must undergo regulatory review.

The prospective buyer group is led by Jeff Hobbs, a branch manager for First National Bank of Hughes Springs, Texas, and former president of Bloomberg State Bank in Atlanta, Texas; Taylor Chandler, senior vice president and commercial loan officer at City Bank in Plano; and Derick Murway, president of Montage Development, an upscale homebuilder in Southlake, Texas.

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