First State Community Bank has agreed to purchase nine Bank of America locations including those in Cape Girardeau and Jackson.
Pending regulatory approval, it is expected that the transaction will be completed in the second quarter of 2013, according to a news release from First State Community Bank, the headquarters of which is in Farmington, Mo.
Other Bank of America branches included in the purchase, all in Missouri, are in Boonville, Kennett, Mexico, Moberly, Richland, Rolla and Vandalia. The transaction will increase First State Community Bank's asset size from $1 billion in 2010 to approximately $1.7 billion, and it will give the bank 46 locations in Missouri.
"This is the right decision for the community, our employees and our customers." said Diane Wagner, senior vice president of media relations for Bank of America's Midwest region, in an emailed statement. "As a result of this deal, the community will continue to have access to its banking center, more employees will keep their jobs, and customers will have the ability to keep banking at the same branch that is most convenient for them."
Once the purchase is complete, First State Community Bank expects many Bank of America employees to keep their current positions, according to the news release.
Bank officials are working toward a smooth transition for customers and employees.
Any loan or deposit customers who will be affected by the conversion will be notified of changes to their accounts, said Luke Roussin, marketing director for First State Community Bank. He said the bank's online banking options are comparable to those of Bank of America in functionality and ease of use.
"First State Community Bank has an Internet banking solution that allows customers the ability to view account balances, make transfers between FSCB accounts, pay bills online and more. We even have a MoneyTrack Online Financial Management tool that allows customers to create budgets, categorize spending and add loan, deposit and investment information from other institutions," Roussin said.
First State Community Bank, like Bank of America, offers a mobile banking app for the iPhone. An Android app is in the works, Roussin said.
Along with Cape Girardeau and Jackson, First State Community Bank has Missouri locations in Columbia, De Soto, Farmington, Fredericktown, Hayti, Hillsboro, Imperial, Ironton, Malden, Owensville, Park Hills, Perryville, Portageville, Potosi, Risco, Shady Valley, Sikeston, St. Mary, Sullivan, Terre Du Lac, Warrenton, Washington and Wright City.
First State Community Bank, founded in 1954, has expanded in recent years. Including the nine locations acquired from Bank of America, the company has added 23 locations since 2008, nearly doubling its size.
320 West Main Street, Jackson, MO
2001 William Street, Cape Girardeau, MO