The mortgage lender said on Wednesday
that it expects to complete the purchase of the $77 million-asset bank in the
fourth quarter. It did not disclose the price it will pay.
Benton State’s management
team is expected to stay after the deal closes.
Benton
State “is over 125 years old and we are thrilled that it will remain a
community-based, independent financial institution serving local businesses,
farmers, homeowners and consumers,” Steve Malone, the bank’s president and CEO,
said in a press release.
“We
will lead the bank into the future with additional growth avenues and plenty of
capital to finance our plan,” Malone added.
Scott
Freiburger, Benton State’s executive vice president, will become its president
after the deal is completed.
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