Texas-based First State Bank has signed an agreement to buy Advantage Bank’s branch, located in downtown Washington Court House, Ohio.
The purchase will include deposits of $40m, loans of $19m, and certain fixed assets, as of 30 September 2013. The deal will allow First State Bank to increase its total assets to around $310m.
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With the acquisition of Advantage Bank, Fist State will expand its business to Fayette County. It already has established centres in Adams, Brown and Highland counties.
First State Bank CEO and president, Mike Pell, said the Advantage Bank branch customers would be converted to First State Bank in early 2014 and they will have access to all of First State Bank’s products and services.
"Over the years, their success has been built on providing superior banking products and exceptional customer service.
"We believe this approach will be very well received in Fayette County," Pell added.
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By GlobalDataThe deal, which is subject to regulatory approvals, is expected to be closed in early 2014.
