On July 9, 2015, First State Bancshares, Inc. ("FSB") and Central Shares, Inc. ("CSI") announced the execution of a definitive agreement, whereby CSI's subsidiary, Central Bank ("Central") would be acquired from CSI by FSB in an all-cash transaction. Central Bank’s five offices added to FSB’s existing branches will expand FSB’s footprint to 51 locations throughout the State of Missouri. On October 15, 2015, FSB completed the acquisition of Central from CSI.
Central Bank, a wholly-owned bank subsidiary of Central Shares, Inc., is headquartered in Lebanon, Missouri and operates five full service banking offices, with four in Lebanon, MO and one in Conway, MO. As of June 30, 2015, Central had total assets of approximately $260 million, total loans of $199 million, deposits of $223 million, and common equity of $30 million.
FIRST STATE BANCSHARES, INC.
First State Bancshares, Inc., headquartered in Farmington, Missouri, is the bank holding company for First State Community Bank (“FSCB”). FSCB operates 46 branches throughout eastern and central Missouri. As of June 30, 2015, FSCB had total assets of $1.8 billion, total loans of $1.3 billion, and deposits of $1.5 billion.