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State Bank to Sell Four Branches to Guaranty Bank & Trust
Ridgeland, MS (PRWEB) February 11, 2006 -- State Bank & Trust Company and Guaranty Bank & Trust Company have entered into a definitive agreement providing for the sale of four of State Bank’s locations in Batesville, Senatobia and Vicksburg.
Under the terms of the agreement, Guaranty Bank & Trust Company will acquire the locations of State Bank & Trust Company in those communities for an undisclosed amount of cash. The agreement, subject to regulatory approval, covers two State Bank locations in Vicksburg and one each in the other two communities.
State Bank & Trust Company employees in the branches affected were notified personally by senior management February 9, 2006.
“Our customers in those communities will experience little if any inconvenience from this transaction,” said John B. Neville, CEO, State Bank & Trust Company. “This was a move that just made good business sense for both banks.”
“Guaranty Bank & Trust Company is extremely pleased with the opportunity to work with State Bank & Trust Company and extend our market into three additional Mississippi communities,” said Huey Townsend, president and CEO of Guaranty Bank & Trust Company.
Guaranty Bank & Trust Company, a $285 million financial institution, has been serving the Delta as a locally owned and operated bank since 1943. It currently has operations in Belzoni, Cleveland, Hollandale, Indianola and Greenville.
State Bank & Trust Company, founded in 1898, has assets approaching $800 million and is domiciled in Greenwood, MS. One of the top performing and fastest growing banks in the southeast, State Bank will retain its Rosedale, Cleveland, Greenwood and Grenada banks defining its northern-most markets. An architect has been retained for the design and construction of an additional location in Cleveland. Presently, construction is nearing completion on an additional branch in McComb plus the bank intends to open a third location there by early summer. An announcement is imminent concerning State Bank’s immediate plans for further penetration of the Hinds, Rankin and Madison county area.
Recently, State Bank expanded into Louisiana and now operates six full service locations within the rapidly growing North Shore area and along the I-12 corridor from Slidell to Baton Rouge. State Bank will open its new flagship Mandeville branch in early March and plans to open at least two additional branches within a twenty-mile radius later this year.
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