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.
"This transaction allows us to partner with a strong community bank that is focused on providing great customer service with a deep commitment to the communities where it operates," said Mike Cross, president and chief executive of 1st Bank, in a news release.
Terms of the sale were not disclosed.