Fidelity Bank and Trust in Dubuque, Iowa, has applied to buy Frost State Bank in Frost, Minnesota, and State Savings Bank in Rake, Iowa. The $2 billion-asset Fidelity submitted applications with the FDIC on Sept. 22 to buy the $53.4 million-asset Frost and the $80.5 million-asset State Savings. The prices were not disclosed.
Park State Bank in Duluth, Minnesota, has applied to buy First National Bank of Chisholm in Minnesota. The $1.4 billion-asset Park State submitted its application with the FDIC on Sept. 18. It did not disclose how much it plans to pay for the $77.3 million-asset First National. The deal is expected to close in the fourth quarter.
Farmers Bank and Trust in Blytheville and Piggott State Bank, both in Arkansas, will merge with First Missouri State Bank in Poplar Bluff, First Missouri Bank of SEMO in Kennett, and First Missouri State Bank of Cape County in Cape Girardeau to create FM Bank & Trust. FM Bank will have $1.4 billion of assets and 19 branches. Randy Scott, president and CEO of Farmers Bank and Trust, will become the combined bank’s CEO.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
