Commercial Bank & Trust of Monticello in Arkansas will absorb First State Bank of Warren in Arkansas.
The $253 million-asset Commercial Bank and the $118 million-asset First State are both owned by the Ryburn family. The merger is scheduled for June 24.
“Joining the two banks together will remove back-office redundancies and allow us to offer greater convenience and better products and services such as enhanced technology for customers,” Todd Smith, the banks’ president, told the Magnolia Reporter.
The merger “will also allow our staff to spend more time with customers and less on administrative duties that act as a barrier to service,” he added. “It’s a win-win for the communities we serve because no staffing, philanthropic-giving, or community development will be reduced. We will eliminate the structural red tape of operating with two names.”
The banks will convert their computer systems in mid-June.