Farmers Bank & Trust of Magnolia, Arkansas, and Community First Trust Company of Hot Springs, Arkansas announced they have entered into an agreement for Farmers Bank & Trust to purchase the stock of Community First Trust Company. Community First Trust will continue to be operated as an Independent Trust Company.
“Farmers Bank & Trust is excited about the opportunity to expand our Trust and Wealth Management services through Community First Trust Company,” stated Farmers Bank & Trust Chief Executive Officer Chris Gosnell. “Trust customers of Farmers Bank and Community First Trust will all benefit from the combined resources of both companies.”
Bill Kerst, Community First Trust President & Chief Executive Officer, said, “The culture of Farmers Bank & Trust is what really attracted us to the idea of joining the Bank. The Bank’s commitment to its customers, technology, and staff support the long-term relationships we have enjoyed at CFT. We look forward to working as part of the team to provide personal Trust Services and Wealth Management.”
Farmers Bank & Trust is owned by a privately-held holding company, Magnolia Banking Corporation, headquartered in Magnolia, Arkansas. Community First Trust Company is headquartered in Hot Springs, Arkansas, and is the only independent trust company chartered in Arkansas. Community First Trust has approximately $340 million in trust assets under management.
The holding company boards of Magnolia Banking Corporation and Community First Trust Company unanimously approved the agreement, which is subject to shareholder and regulatory approval. The transaction is anticipated to close during the second quarter of 2021, and Community First Trust Company will remain a separate independent trust company.
About Farmers Bank & Trust: Founded in 1906, Farmers Bank & Trust is a community bank owned by the privately held holding company, Magnolia Banking Corporation, headquartered in Magnolia, Arkansas. Farmers Bank & Trust now has over 20 locations in Arkansas and Texas and approximately $1.8 billion in assets. Farmers offers a full range of deposit services, trust, and investment management services, as well as business, commercial real estate, construction, mortgage, residential, and consumer loans. To learn more, visit their website at MyFarmers.Bank.
About Community First Trust Company: Community First Trust Company was chartered in 1998 as the first and only independent trust company in Arkansas. With over $340 million in trust assets, the company maintains offices in Hot Springs, Hot Springs Village, Little Rock, Russellville, and El Dorado. To learn more, visit their website at CommunityFirstTrust.com.