FSBH Inc. has agreed to acquire Farmers Bancshares Inc., the parent company of Center-based Farmers State Bank. Upon completion of the merger, management and the employees of the bank will remain in place and there will be no change in the business plan of the bank. The transaction is expected to close in the fourth quarter of 2023.
“We look forward to providing the same outstanding customer service as the bank’s customers currently receive,” says Christopher Brewer, CEO of FSBH. “Farmers State Bank represents the ideal banking platform for us to enter into the banking industry and we are very pleased to be able to keep the existing management team in place following the merger.”
“This partnership allows Farmers State Bank to remain local and continue to be run by people who are truly invested in our wonderful communities and cherished customers,” says Luke Motley III, who will continue to serve as a director of the bank after the consummation of the merger.
FSBH was advised in the transaction by Beth A. Whitaker of Hunton Anderson Kurth LLP as legal counsel. Farmers Bancshares Inc. was advised in the transaction by William D. “Tex” Gross and John Gosser of Commerce Street Capital LLC as exclusive financial advisor and Michael G. Keeley of Norton Rose Fulbright US LLP as legal counsel.
Farmers State Bank was established in 1904 by 14 shareholders as a community bank dedicated to providing for the consumer and commercial banking needs of the citizens of Shelby County. The bank has five full-service locations and two loan production offices.
