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Empire Bank acquires Citizens National Bank

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Empire Bank has acquired Citizens National Bank, effective today.

Financial terms were not disclosed.

Empire Bank received Federal Deposit Insurance Corp. approval for the purchase and will begin integrating Citizens National customers into its banking network.

"I certainly think that this means a greater opportunity for both the existing customers of Empire Bank and also Citizens customers," said Empire Bank CEO and President Russ Marquart. "Empire Bank customers will have access to the Citizens branches, and we will be able to now serve the current Citizens customers with our 17 facilities across the Ozarks."

The combination of the two banks brings Empire Bank's assets to $1.1 billion, making it the second largest bank in the Springfield metropolitan statistical area in terms of FDIC deposits, according to bank officials. Citizens National - with five branches in Springfield and Ozark - held about $253 million in assets, according to Springfield Business Journal coverage.

According to FDIC's June 30 market share report, Great Southern Bank holds the No. 1 spot with 14.6 percent of the Springfield MSA market share, with $1.11 billion in deposits. Commerce Bank is No. 2 with $831.7 million in deposits, or 10.92 percent of the market share, and Empire Bank is No. 3 with $740.6 million in deposits, or 9.72 percent of the market share. Citizens National Bank is listed at No. 11 with $206.6 million in deposits, representing a 2.7 percent market share.

All five Citizens' branches will become Empire Bank locations by the end of the day, said Andrew Tasset, Empire Bank vice president, noting that Empire will be retaining most of Citizens' staff members.

Marquart added that in some cases, Citizens' staff members will be offered other jobs where duplication exists to keep as many jobs alive as possible.

"We're committed to making this transition for the Citizens employees and their customers as smooth as possible," he said. "We look forward to welcoming them as part of the Empire Bank family.

Customers of either Empire Bank or Citizens National should continue to conduct their banking business as usual, Tasset said.

"We're going be sending out letters to customers before any changes happen," he said. "It just depends on what types of accounts they have, what kinds of loans they have."

Customers will be notified of any changes by the end of the year, he said.

Empire Bank announced on July 14 it was purchasing Citizens National.

Citizens National was issued a cease-and-desist order in April 2009 for "unsafe and unsound" banking practices dealing with real estate loans, according to SBJ coverage. At the time, officials said the bank was in the process of correcting that and other actions listed in an April 7, 2009, report from the U.S. Comptroller of the Currency.

With the finalization of the acquisition, Empire Bank now has about 280 employees, 22 facilities and more than 40 ATMs in Springfield, Ozark, Nixa, Highlandville, Marshfield, Strafford, Fair Grove, Pleasant Hope, Republic and Battlefield.

Jefferson City based-Central Bancompany, Empire Bank's parent, is a $9 billion bank holding company with 13 full-service banks and more than 175 location in Missouri, Kansas, Illinois and Oklahoma, according to its investor relations Web site.
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