Small Town News
Farmers State Bank to be sold
Email
Print
Tweet
CopyBarclay B. Smith, President of Farmers State Bank of Marion and Don D. Nolan, President of First State Associates, Inc. of Hawar-den, Iowa have announced that First State Associates, Inc. has entered into an agreement to purchase Farmers State Holding Company of Marion. Farmers State Holding Company is the majority owner of Farmers State Bank of Marion with 'branch' offices in Parker, Bridgewater, Humboldt and Tea. First State Associates owns First State Bank of Hawarden. The purchase is contingent upon final approval by banking regulatory agencies.
In connection with the pending purchase, Nolan also announced that Relia-bank Dakota intends to acquire the Farmers State Bank Tea and Humboldt branches. Reliabank, a community bank celebrating its 90th anniversary in 2010, has six locations with two in Waitertown, three in Hamlin county and its newest location in Hartford. David W. Johnson of Watertown is the CEO of Reliabank and has been with the bank since 1975. Johnson stated that he "is excited about how the Tea and Humboldt branches can compliment what Reliabank started in Hartford in 2007".
Nolan, a long term Farmers State Bank of Marion board member, emphasizes that the new owner intends to maintain Farmers State Bank as a South Dakota state-chartered bank in Marion with branch locations in Parker and Bridge-water. As a result, these locations will not experience a name change and decisions will continue to be made locally.
"This just felt like a good match from all aspects. I am confident that Reliabank is the best fit for serving the Tea and Humboldt communities. I am equally confident that our partnership with the folks from Marion, Bridgewater and Parker will help all of us to be better in the long run, " said Nolan.
"Farmers State Bank has been serving the Marion area for over 106 years and the Smith family has been involved since 1911. It is a pleasure to be a part of a third generation bank.
We are confident that this merger will continue to serve our customers and our communities, " stated Smith.
The transactions are still subject to approval by several banking regulatory agencies. Assuming such approval is provided, as expected, the change of ownership will likely take place in December 2010.
Copyright 2010 The New Era, Parker, South Dakota. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from SmallTownPapers, Inc.
© 2011 The New Era Parker, South Dakota. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from DAS.
More from The New Era