CORINTH, Miss. (WTVA) -- Farmers and Merchants Bank of Baldwyn has announced the signing of a definitive branch purchase and assumption agreement pursuant to which it will acquire the three branches of SOUTHBank, F.S.B., serving the Corinth and the Selmer, Tennessee markets.
The agreement contemplates the assumption of selected deposit accounts of approximately $56 million as well as the purchase of the physical branch offices.
The proposed transaction, which is subject to regulatory approval and customary closing conditions, is expected to be completed during the 4th quarter of 2013.
“On behalf of the FMB Board of Directors,” stated Paul Haynes, Jr., Chairman, “we welcome the staff and customers of SOUTHBank to the FMB family and expect to provide the best in personal banking to each and every one of them.”
Gerard R. McLemore, President of the Mississippi Region of SOUTHBank, F.S.B., stated, “We look forward to becoming a part of the Farmers and Merchants Bank family and welcome this opportunity. This transaction provides our existing customers with the added convenience of seven well-positioned banking offices throughout the Northeast Mississippi region.”
“We will be communicating directly with each deposit customer of SOUTHBank’s Corinth, MS and Selmer, TN offices with detailed information about the transition of their deposit accounts to Farmers and Merchants Bank, stated John D. Haynes, Sr., President and CEO of Farmers and Merchants Bank. “At this time, SOUTHBank and Farmers and Merchants Bank customers should continue to conduct their banking business as usual, using existing branches, checks and ATM or debit cards. Following system changes and conversion, customers of SOUTHBank’s Corinth, MS and Selmer, TN offices will have an expanded offering of products and services, as well as the added convenience provided by seven branches in the heart of Northeast Mississippi,” added Haynes.
Farmers and Merchants Bank is a $227 million assets financial services company providing banking and financial solutions through seven offices located in Baldwyn, Booneville (2 offices), Marietta, Mantachie, Mooreville and Tupelo.