Armor Bank is aiming to acquire the Marianna branch of Farmers and Merchants Bank.
The Forrest City-based bank has entered into an agreement to purchase the branch bank from Farmers and Merchant Bank. Pending regulatory approvals, Armor Bank officials expect the deal to close in early 2021.
This will mark Armor Bank’s sixth full-service retail locations in Arkansas with another retail location planned for Jonesboro.
“We are extremely pleased to be able to serve this great community that we know so well,” Armor Bank board chairman Mark Waldrip said in a statement. “At a time of tremendous expansion in the life of Armor Bank, it is gratifying that this growth originates right here at home. We look forward to providing a simplified, customer-focused banking experience that existing Armor Bank customers have come to expect.”
Farmers and Merchants Bank’s Marianna branch, located at 33 East Main Street, had $53 million in deposits as of August 31.
According to a news release, current customers at the Marianna bank will receive more information in the future. Officials are working to ensure a “smooth transition” so there is no impact on customers.
Armor Bank has significant ties to Marianna and Lee County, where the bank branch is located. Big Creek Bancshares, Armor Bank’s holding company, is based in Moro in Lee County. Also, many Armor Bank leaders are from or reside in Lee County, including Armor Bank director Steve Edwards.
Armor Bank reported $180 million in assets as of June 30, 2020.