By Dennis Seid
Baldwyn-based Farmers & Merchants Bank plans to acquire two SouthBank branches in Corinth and another branch in Selmer, Tenn.
The bank said it would assume the assets and facilities of the three locations, along with some $56 million in select deposit accounts.
Pending regulatory approval, FMB expects to complete the deal during the fourth quarter of this year.
It’s FMB’s first acquisition of a traditional bank, said FMB President and CEO John Haynes.
“SouthBank is a great institution going back 20 years, and it’s a good community bank, and we’re excited about joining together,” he said.
Haynes said he didn’t think there would be any major changes necessary “at this time” but did say the branches would convert to the Farmers &Merchants Bank brand once the deal is finalized.
FMB officials said SouthBank customers in Corinth and Selmer will get detailed information about the transition and should “continue to conduct their banking business as usual.”
The FMB announcements comes a little more than a week after Jackson-based Trustmark National Bank completed its acquisition of two former SouthBank branches in Oxford.
FMB, with $227 million in assets, has seven offices in Baldywn, Booneville, Marietta, Mantachie, Mooreville and Tupelo.