The Branson-area banking industry is changing up through a newly announced acquisition.
Kimberling City-based Table Rock Community Bank is selling to southeast Missouri operation Alton Bancshares Inc., the holding company for First Community Bank of the Ozarks in Branson and Alton Bank in the city of the same name, according to a news release. The financial terms of the deal were undisclosed.
"Table Rock Community Bank is well known for serving the financial needs of businesses and families in Stone County," said Kendall Combs, chair of Alton Bancshares, in the release. "Customers of Table Rock Bank can look forward to the same level of service and commitment from the team of dedicated professionals, and they will benefit from expanded services in the future."
The acquisition would bring Alton Bancshares' branch total in the Branson area to five. Together, Alton Bank, First Community Bank and Table Rock Community Bank would have assets of $400 million.
Table Rock Community Bank, which has $150 million in assets, two branches and a loan production office in Crane, was formed in 2006, according to the release. With $144 million in assets and three branches, First Community Bank was purchased by Alton Bancshares in 2012 after it was founded in 1993.
Alton Bancshares co-owner Mike Combs said via email the deal is expected to close by the end of the second quarter. The banks will keep their names and operate separately for 12-18 months, he said, noting the goal is to consolidate the two in the future.
Whataburger launched its second local store; Branson shop Revive Juice and Coffee Bar LLC moved; and a new Monett branch of the Barry-Lawrence Regional Library District opened.