A bank with a branch in the south side of Carthage is being sold to another banking company
Shelbank Corporation and Heritage State Bank, Nevada, Mo., announce the sale of Shelbank Corporation to Community Bancorp, Inc. and Community National Bank & Trust, Chanute.
Kyle Burch, chairman of Heritage State Bank, and Dan Mildfelt, president and CEO, and Phil Eastep, chairman of Community National Bank & Trust have signed an agreement whereby Community Bancorp, Inc. will purchase all the stock of Shelbank Corporation and acquire Heritage State Bank, which will be merged into Community National Bank & Trust. The transaction is subject to shareholder and regulatory approval.
The acquisition is expected to be completed in the second quarter of 2018, after receipt of regulatory approvals.
Heritage State Bank is headquartered in Nevada, with other branches in Lamar, El Dorado Springs and Carthage, all in Missouri. Heritage State Bank expects to end 2017 with approximately $140,000,000 in total assets.
“Combining the resources of these two solid community banks will ensure a continued commitment to local banking and reinvestment in the communities we have served these many years” said Rob Barrett, president of Heritage State Bank.
Community National Bank & Trust is a community bank, headquartered in Chanute, with banking centers in Arkansas City, Arma, Augusta, Benton, Burns, Caney, Chanute, Cherryvale, Coffeyville, Edna, El Dorado, Emporia, Eureka, Fredonia, Frontenac, Girard, Humboldt, Independence, Iola, Neodesha, Newton, Parsons, Pittsburg, Winfield and an LPO in Ponca City, Okla.
Mildfelt stated, “Community National is excited to have the opportunity to serve the people of Carthage, Lamar, Nevada, El Dorado Springs; and the surrounding communities in the Barton, Cedar, Jasper, Newton and Vernon County areas.”
Heritage has a branch in Carthage at 2813 The Loop, near the intersection of Fir Road and Interstate 49.
Community National Bank & Trust expects the bank to end 2017 with approximately $975,000,000 in total assets.
“We believe this is a wonderful combination of two well respected financial institutions that will serve the Bank’s customers very well,” said Mildfelt.
“We look forward to working with the excellent officers and staff, and the fine customers of Heritage State Bank.”
In 2014, Community National Bank & Trust received the highly coveted rating of “Outstanding.”
It is anticipated that the employees of Heritage State Bank will remain with Community National Bank & Trust after combining the two financial institutions.
“Other than the sign on the door, our customers will not see many changes and we look forward to the enhanced products and services that a larger community bank can provide,” said John Gilkey, Barton County president.