Guaranty Bank to acquire First American National Bank
Jun. 30—BELZONI — Guaranty Bank and Trust Co., a Mississippi-Delta based bank, said it was acquiring Iuka-based First American National Bank for an undisclosed sum. Both banks are privately held.
Guaranty Capital Corporation, the holding company for Guaranty Bank, and FANB parent company First American Bancshares Inc., said the combined financial institutions will represent more than $2.4 billion in assets and 36 branches.
Combined deposits would top more than $1.6 billion, making the merged entity the 9th largest bank in the state by deposits.
The boards of directors of both companies have approved the transaction, which is subject to customary shareholder and regulatory approvals, and is expected to close in the fourth quarter of 2023.
Founded in 1964 by Dr. Kelley Segars and his wife, Martha, First American National Bank has 11 full-service locations, located across Northeast Mississippi with more than $384 million in total assets. Guaranty Bank, founded in 1943 and headquartered in Belzoni, said the merger aligns with its North Mississippi and West Tennessee footprint.
"As we embark on this exciting partnership with First American National Bank, we remain committed to our core values of community, high performance, and financial empowerment," Hue Townsend, president and CEO of Guaranty Bank, said in a statement. "Together, we build a foundation that fosters growth and cultivates relationships by combining our expertise and resources. We will shape a brighter financial landscape with a shared purpose and create opportunities that propel us all toward a prosperous future."
Tommy Chamblee, CEO of FANB, said the merger will maintain the principles its customers have become accustomed.
"With this partnership, our customers will gain access to a wider array of product offerings and expand our geographic locations. The combined strength of the banks will enhance our proven ability to grow and support entrepreneurialism in our communities, while strengthening the benefits to our customers and employees," he said in a statement.