Farmers Bank & Trust of Blytheville and Piggott State Bank of Piggott, two northeast Arkansas lenders with common ownership, announced plans to consolidate operations under a shared charter.
The combined bank will operate under the charter of Farmers Bank & Trust, the banks said in a news release. The consolidation, subject to standard regulatory approvals, is expected to be completed by Dec. 31. After the charter consolidation, Piggott State Bank will operate as a division of Farmers Bank & Trust.
Consolidation of banking systems is expected to occur in the third quarter of 2025, when customers of both banks will be able to transact business at any of the company’s 10 offices in Mississippi County and Clay County.
“Operating under one charter will allow us to continue operating independently, with increased synergies of common operating systems,” Randy Scott, president and CEO of Farmers Bank & Trust, said in a statement. “Our combined strength will provide an even stronger foundation of financial strength and security to our customers and communities.”
Farmers Bank and Trust was established in 1908. Piggott State Bank got its start in 1930. The two are controlled by the Lawrence family, led by Gaylon Lawrence Jr., namesake of the late agribusinessman and bank owner.
In a statement, Piggott State Bank President and CEO Cody Knight said ownership, operations and management of the combined bank will not change. The combined company will continue to operate as a Community Development Financial Institution.
Farmers Bank & Trust reported $407.5 million in assets in the first quarter. Piggott State Bank reported $134.8 million in assets.
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