COLUMBIA – Premier Bank plans to sell its Columbia branches to Farmington-based First State Community Bank.
First State will acquire the Premier Bank branches in July, pending approvals from the Missouri Division of Finance and the Federal Deposit Insurance Corp.
Premier Bank is based in Jefferson City. First State, founded in 1954, has branches in southeast and central Missouri.
“Immediately, the customers don’t have to do anything," said Greg Allen, vice chairman and CEO of First State. "The benefits will be the same type as they received with Premier Bank.”
Premier Bank's locations in Columbia are:
- Downtown at 15 S. Fifth St.
- Northeast Columbia at 3200 Golden Bear Drive
- South Columbia at 300 Diego Drive
Allen said Premier Bank's Columbia staff wouldn't be cut.
“We’re excited about coming to Columbia, and we look forward to working with the high-quality staff,” Allen said.
Customers will receive instructions on what they need to do during the transition period 30 to 45 days prior to the sale, Allen said.
The bank will not be purchasing all of Premier's loans. Borrowers will be notified whether their loan has been acquired.