Farmers Bank & Trust in Magnolia, Ark., has agreed to acquire the 1st Bank of Texarkana, a $309 million-asset bank located just over the state line in Texas.

The deal, announced Monday and expected to close at the end of this quarter, would boost Farmers' total assets to $1.2 billion give it eight additional branches in Texas and Arkansas. The privately held holding company Magnolia Banking Corporation owns Farmers, which has 17 banking locations in Arkansas and Texas.

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