An Eminence bank plans to purchase Community Bank, including its Houston location. It’s the third recent announcement affecting banks in the county.
Brad Williams, chairman and president of Security Bank of the Ozarks in Eminence, and David Barnett, chairman and president of Community Bank, announced the acquisition Tuesday.
Security Bank of the Ozarks has about $48 million in total assets with locations at Eminence and Winona. The 111-year-old Community Bank, with assets of about $50.1 million, has locations at Summersville, Eminence and Houston, which it opened in 2009 on North U.S. 63. Upon completion of the merger, Barnett will be president of the Summersville and Houston locations. Williams will retain his roles at Eminence.
The merger, which is subject to approval from federal and state regulators, is expected to close in early 2016.
The news comes after the planned sale of Cabool State Bank to Peoples Community Bank of Greenville and the announced closure of Great Southern Bank in Cabool.