In an agreement signed June 26, Citizens Union State Bank & Trust purchased Missouri State Bank and Trust Company's branch in Springfield, Missouri. The banking center at 321 West Battlefield in Springfield began operating under the Citizens Union State Bank & Trust banner June 27 and provides a range of banking activities, including loans, deposit accounts and ATM services.
James E. Smith, Chairman and CEO of Exchange National Bancshares, Inc. stated: "We are excited about the opportunity to serve our existing customers in this new location and to develop new relationships in Springfield and the surrounding communities. This purchase is an extension of our strategy to move into metropolitan growth areas." Chairman Smith added: "Springfield Branch President Jim Riggins will continue to manage the Springfield branch and no personnel changes are anticipated. Additionally, Mr. Riggins and Jim Youngblood were added to Citizens Union State Bank & Trust's Board of Directors upon completion of the acquisition."
In connection with the transaction, Citizens Union State Bank will receive approximately $30 million in loans and $34 million in deposits as well as the real estate and tangible assets of the branch. Prior to the purchase, Citizens Union State Bank reported total assets of $240 million and eight banking offices throughout Clinton, Collins, Osceola and Windsor, Missouri. Upon completion of the branch purchase, Exchange National Bancshares will have total assets of approximately $825 million.
Exchange National Bancshares, a multi-bank holding company headquartered in Jefferson City, Missouri, is the parent company of The Exchange National Bank of Jefferson City with locations in California, Tipton and St. Robert; Citizens Union State Bank & Trust of Clinton with locations in Windsor, Collins, Osceola and Springfield; and Osage Valley Bank of Warsaw.
Statements made in this press release that suggest Exchange National Bancshares' or management's intentions, hopes, beliefs, expectations, or predictions of the future include "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the company's quarterly and annual reports filed with the Securities and Exchange Commission.