The First State Community Bank, a community bank headquartered in Farmington, Missouri, has agreed to purchase nine Bank of America locations, including the one in Boonville.
Other branches purchased in this deal include locations in Cape Girardeau, Jackson, Kennett, Mexico, Moberly, Richland, Rolla and Vandalia. A news release by the FSCB, states that in addition to the branch locations, the transaction will increase FSCB's asset size to approximately $1.7 billion. It states the project is expected to be completed in the second quarter of 2013 pending regulatory approval which will increase FSCB's regional footprint to 46 locations throughout Missouri.
“The new locations will be a great complement to some of our existing banks,” Greg Allen, CEO and Chairman of FSCB said. “We have recently had a rare opportunity to greatly expand our presence throughout Missouri and specifically within our regional footprint. We are fortunate to be in the position to capitalize on such great opportunities.”
The release stated that FSCB is working closely with Bank of America to ensure a seamless transition for both customers and employees. Once the transaction is complete, FSCB expects many Bank of America employees to transition to the company and keep their current positions.
FSCB, founded in 1954, has been growing steadily in recent years. Including the nine locations acquired from Bank of America, the company has added 23 new locations since 2008, nearly doubling in size.
According to an article in the Columbia Daily Tribune, Bank of America has been in the process of selling around 750 of its branch locations.