Farmers Bank & Trust acquires Hot Springs-based Community First Trust | Business
The Farmers Bank & Trust of Magnolia and the Community First Trust Company of Hot Springs announced on Tuesday that farmers will buy Community First Trust.
Community First Trust will continue to operate 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,” said Chris Gosnell, Managing Director of Farmers Bank & Trust. “Trusted clients of Farmers Bank and Community First Trust will all benefit from the combined resources of both companies.”
Bill Kerst, President and CEO of Community First Trust, said: “The culture of Farmers Bank & Trust is what really attracted us to the idea of joining the bank. long-term relationships that we have enjoyed at CFT. We look forward to working as part of the team to provide personal trust and wealth management services. “
Farmers Bank & Trust is owned by a private holding company, Magnolia Banking Corporation, headquartered in Magnolia. Community First Trust Company is headquartered in Hot Springs and is the only independent trust company licensed in Arkansas. Community First Trust has approximately $ 340 million in trust assets under management.
The boards of directors of the holding companies of Magnolia Banking Corporation and Community First Trust Company have unanimously approved the agreement, which is subject to shareholder and regulatory approval. The transaction is expected to close in the second quarter of 2021.
Customers of Community First Trust Company will continue to be served by the Company. It was licensed in 1998 as the first and only independent trust company in Arkansas. The company has offices in Hot Springs, Hot Springs Village, Little Rock, Russellville and El Dorado.
Farmers Bank & Trust was founded in 1906 as a community bank. It has more than 20 locations in Arkansas and Texas and approximately $ 1.8 billion in assets.