Liberty Bancshares, Inc., parent company of The Bank of Jonesboro, has recently purchased the majority stock of MSB Shares, Inc., holding company of MidSouth Bank.
"We are very excited about the acquisition of MidSouth Bank," said Mark P. Fowler, Liberty Bancshares vice-chairman. "This is a great opportunity for us to further expand our service area throughout Craighead County, specifically Monette and Bay," Fowler said.
"We are extremely impressed with the staff of MidSouth Bank and do not foresee any changes in personnel. All of us working together as a team will ensure the level of service expected from a community bank," Fowler said.
MidSouth Bank will initially operate as a wholly owned subsidiary of Liberty Bancshares, Inc. The Bank of Jonesboro and MidSouth Bank are expected to merge and change the name to Liberty Bank of Arkansas within the next few months, resulting in one of the largest banks in Arkansas. The new entity will account for over one-third of the deposits held in Craighead County.
Liberty Bancshares, parent company of The Bank of Jonesboro, has assets in excess of $334 million.