The name on the front of the Bank of America building in Mexico will soon change to First State Community Bank. The Mexico bank was one of nine Bank of America locations purchased recently by FSCB.
First State Community Bank CEO and Chairman Greg Allen said Friday that the first mailings about the purchase will go out to customers today, and that the acquisition transaction will be completed on June 21 – at which time, the name on the Mexico bank will change.
"The new locations will be a great compliment to some of our existing banks," Allen said in a release announcing the purchase. "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."
Allen said First State Community Bank 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.
"All of the employees have been offered positions with us and will all be staying. We look forward to doing business in Mexico," Allen said.
Allen said customers will receive mailings on April 1 that will explain account information. He advises them to read the information carefully.
"I encourage people to please carefully review the information we send, because there will be instructions walking them through how to handle their debit cards and checks. This is a big issue and they need to be aware of how it will affect their accounts," Allen said.
In addition to the branch locations, Allen said the transaction will increase FSCB's asset size to approximately $1.7 billion. The project is expected to be completed in the second quarter of 2013 pending regulatory approval, and increases First State Community Bank's regional footprint to 46 locations throughout Missouri.
First State Community Bank, 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.
FSCB is a full-service financial institution, with a variety of loan and deposit products and services. The bank also owns First State Insurance Agency, a full-service independent insurance agency. Investment and brokerage services are available through First State Financial Management, Inc., a wholly owned subsidiary of First State Bancshares, Inc.FSCB is owned and operated by First State Bancshares, Inc., a financial services holding company with approximately $1.3 billion in total assets based in Farmington. FSCB locations are in Farmington, Bonne Terre, Cape Girardeau, Columbia, DeSoto, Fredericktown, Hayti, Hillsboro, Imperial, Ironton, Malden, Owensville, Park Hills, Perryville, Portageville, Potosi, Risco, Sikeston, Shady Valley, Sullivan, St. Mary, Terre du Lac, Washington, Warrenton and Wright City. Other new locations to be added, pending regulatory approval, include Desloge, Festus, Leadwood, and Park Hills.