/UCW/ MOUNTAIN GROVE, MO & COLORADO SPRINGS, CO – First Home Bank of Mountain Grove, MO and Stockmens Bank of Colorado Springs, CO announced today that they have entered into a definitive agreement to merge. The transaction, which is subject to regulatory approvals, is expected to close in the second half of 2017. The transaction will occur in two parts. Initially, First Bancshares, Inc., (“FBSI”), the parent company of First Home Bank, will purchase Stockmens Bank in an all-stock transaction. Second, First Home Bank will be merged into Stockmens Bank resulting in FBSI owning one Colorado bank operating as Stockmens Bank in Colorado, State Bank of Bartley in Nebraska and First Home Bank in Missouri.
R. Bradley Weaver will continue to be Chairman and CEO of First Home Bank and Robert M. Alexander will remain Chairman and CEO of Stockmens Bank. Alexander will become Chairman of FBSI.
First Home Bank is a community bank with $219 million in assets and eight branch locations in Southwest Missouri. First Home Bank provides a wide range of financial solutions for businesses and individuals, including consumer, agricultural, commercial, small business lending, and mortgage services. Mr. Weaver has served as President, CEO and Chairman since joining the Bank in 2011. First Home Bank is a wholly owned subsidiary of First Bancshares, Inc., which is headquartered in Mountain Grove, MO.
Stockmens Bank is a $114 million Colorado bank with two branches located in Colorado Springs and Bartley, Nebraska. Stockmens Bank was originally founded as the State Bank of Bartley in 1897. Alexander took control of the Bank in 2008 and opened the Stockmens Bank location in Colorado Springs at that time. The charter was moved from Nebraska to Colorado in 2014. Alexander has been a Director of First Home Bank and FBSI since 2015 and has been a FBSI shareholder since 2007.
Brad Weaver – Chairman, President and CEO
Jeffrey C. Palmer – EVP and CFO
Rob Alexander – Chairman and CEO
Source: First Bancshares, Inc.