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Legacy Bank & Trust to buy First National Bank of Clinton

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Legacy Bank & Trust Co. parent company Ozarks Heritage Financial Group Inc. agreed to purchase Financial Enterprises Inc., the holding company of First National Bank of Clinton.

Through the deal, Rogersville-based Legacy Bank & Trust would gain access to the Clinton banking company’s $70 million in assets and three branches, including one in Springfield. Combined with the Buerge family’s First National Bank of Clinton, Legacy Bank & Trust would have $237 million in assets, $184 million in deposits, $191 million in gross loans and seven southwest Missouri branches. Terms of the deal were not included in a news release.

“Coming from a family-owned institution for over 120 years, I feel confident that we understand and appreciate the relationships built by First National Bank of Clinton, which has been family owned for nearly 50 years,” Legacy Bank & Trust Co. Chairman Chris Harlin said in the release. “It was this mutual admiration that made this venture possible.”

In 1970, the Buerge family bought First National Bank of Clinton, a company chartered in 1945. Its current president and CEO, Aaron Buerge, will become a board member of Ozarks Heritage Financial and Legacy Bank & Trust.

The deal is expected to close in the fourth quarter, pending regulatory approvals and a vote by Financial Enterprises shareholders, according to the release.

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