Stone Bancshares, Inc. (SBI) is set to acquire DBT Financial Corporation of DeWitt and Dewitt Bank and Trust pending regulatory approvals.
According to Stone Bank CEO and SBI executive vice president Marnie Oldner, Stone Bank and SBT have come to a “definitive agreement” for the acquisition. Once the agreement is approved, the acquisition is expected to close in the second quarter of 2019, according to a Stone Bank press release.
After the acquisition is completed, Dewitt Bank & Trust is expected to merge with Stone Bank. However, DBT customers will be able to bank as usual and use the same checks, debit cards and online banking services until the time of the merger.
Financial terms for the acquisition were not release. Both DBT Financial Corporation and Stone Bancshares are privately-held companies.
Oldner said that Stone Bank is looking forward to expanding into Arkansas County, where DBT is based. There are two DBT locations in DeWitt and Gillett.
“We are very excited to extend our banking brand and services into Arkansas County. DeWitt Bank & Trust is a good fit with our suite of services designed for rural communities and the expertise we’ve developed in farm lending,” Oldner said in the release. “This merger will also allow Stone Bank to begin offering trust services, which are so important in farming communities. We pride ourselves on customer service and community involvement including both high touch and high tech solutions for our customers.”
DBT President and CEO David Jessup said that customers will benefit from the merger because of the “broader access to capital” that Stone Bank can provide.
The people of Arkansas County will benefit from broader access to the capital they need from a well-run community bank with plans to continue our commitment to the farmers, businesses and families of South Arkansas,” he said.
Stone Bank is a $372 million full service community bank with $280 million in loans and $41 million in capital.