Brooke Wiles, marketing coordinator for FNB Bank, said that company has agreed to acquire a pool of commercial, agricultural, consumer and commercial real estate loans from Integra.
Ben Cundiff is the chairman of the boardof the Jackson Financial Corporation of Mayfield, which owns FNB Bank, Inc., and said the buyer is excited about its acquisition of the former Trigg County Farmer Bank operations.
“We will be issuing additional stock in Jackson Financial as part of the acquisition,” Cundiff said. “And in the course of the stock issuance Harold Knight and Donnie Holland of Cadiz will be stockholders, expanding our local ownership.”
Wiles said that a third Integra location in Mayfield will also be bought, and added that it is hoped the transaction will be complete by about Sept. 30. She also said that once the transaction is complete, FNB will have eight banking centers located in Trigg, Graves, McCracken, and Calloway counties.
FNB Chief Executive Officer Mary Nichols said the announcement “is the culmination of several months of cooperative effort between Integra and FNB to find mutually beneficial results for our companies and the customers we serve.”
Nichols also said FNB is excited about the opportunity to expand their operations in western Kentucky.
“FNB is a community bank through and through. The deposits and loans being acquired fit our community bank philosophy,” Nichols said.
Integra Bank Cadiz Branch Manager Penny Jones said their customers shouldn’t see any difference in service during the transition period, and that the holdings will automatically be transferred. She also said that Cundiff was a great employer and that they look forward to working for Nichols.
“We believe there will always be a place in banking for the small, local community bank, with local ownership and staffed by citizens of the community served, and we think this transaction will be good for Trigg County,” Cundiff said.
The change back to a local operation came 12 years after Trigg County Farmers Bank was sold to National City Bank in 1998. National City Bank was later renamed Integra Bank.