(Magnolia, AR—May 20, 2019) – Farmers Bank & Trust of Magnolia, Arkansas and Bank of Prescott of Prescott, Arkansas announced today, they have entered into an agreement for Farmers Bank & Trust to purchase Bank of Prescott.
“Farmers Bank & Trust is excited about the opportunity to serve the community of Prescott, AR,” stated Farmers Bank & Trust Chief Executive Officer, Chris Gosnell. “Upon completion, this transaction will present a good opportunity to continue our financial services expansion in Arkansas along the I-30 Interstate corridor.”
John Brannan Jr., Bank of Prescott Chief Executive Officer said, “This transaction allows us to partner with a strong community bank that is focused on providing great customer service with a deep commitment to the communities where it operates, and a great place for employees to perform and advance. We look forward to working with the management team of Farmers Bank & Trust to make this a smooth transition for our customers and employees.”
Farmers Bank & Trust is owned by a privately held holding company, Magnolia Banking Corporation, headquartered in Magnolia, Arkansas. Bank of Prescott operates as a subsidiary of Prescott Bancshares, Inc., in Prescott, Arkansas.
The holding company boards of Magnolia Banking Corporation and Prescott Bancshares, Inc unanimously approved the agreement which is subject to shareholder and regulatory approval. The transaction is anticipated to close during the third quarter of 2019 and Bank of Prescott will be merged into Farmers Bank & Trust. With the close of the transaction, Farmers Bank & Trust will have approximately $1.7 billion in assets.
Customers of Bank of Prescott can expect to receive notifications regarding the progress of the transaction well in advance of any changes. Until the transaction is complete, customers of both banks should continue to conduct business as usual at their convenient bank locations. Bank of Prescott customers should continue to use their same checks, debit cards, and online banking services. If customers have questions, they should contact their local office.
About Farmers Bank & Trust: Founded in 1906, Farmers Bank & Trust is a community bank owned by the privately held holding company, Magnolia Banking Corporation, headquartered in Magnolia, Arkansas. Farmers Bank & Trust now has over 20 locations in Arkansas and Texas, and approximately $1.6 billion in assets. Farmers offers a full range of deposit services, trust and investment management services, as well as business, commercial real estate, construction, mortgage, residential, and consumer loans. To learn more, visit their website at MyFarmers.Bank.
About Bank of Prescott: Founded in 1904, Bank of Prescott operates as a subsidiary of Prescott Bancshares, Inc., in Prescott, Arkansas. With over $67 million in assets, the bank has one location in Prescott, AR. To learn more, visit their website at bankofprescott.com.