Stockmens Bank of Colorado Springs is growing, and now has greater capability to become even larger through future acquisitions.
Stockmens Bank is merging with First Home Bank of Mountain Grove, Mo., a deal that came to fruition March 29 after about 18 months of negotiations. Subject to regulatory approvals, the transaction is expected to close in the second half of 2017.
The merged bank will operate under the Stockmens Bank name.
Rob Alexander, chairman and CEO of Stockmen’s Bank, will retain that title. The merger will also give him controlling interest in First Home Bank and in First Bancshares Inc. (FBSI), the bank holding company that is the parent company of First Home Bank. Alexander is a director of First Home Bank and First Bancshares, also located in Mountain Grove, Mo., and has owned stock in the holding company since 2007.
The deal will be fulfilled in two parts. First Bancshares will purchase Stockmens Bank in an all-stock transaction. First Home Bank will then merge into Stockmens Bank. Alexander will be chairman of FBSI.
That will result in an institution worth in excess of $330 million. It will also give Stockmens a publicly traded vehicle where it can make future acquisitions.
First Home Bank is worth about $219 million and has eight branch locations in southwest Missouri. Bradley Weaver has been CEO and chairman since joining First Home Bank in 2011; he will retain those titles with the Missouri bank.
Stockmens Bank possesses about $114 million in assets. The bank has branches in downtown Colorado Springs and in Bartley, Neb. Stockmens was founded in 1897 as the State Bank of Bartley. Alexander opened Stockmens Bank in Colorado Springs in 2008 and moved the charter from Nebraska to Colorado in 2014.