Bolivar-based Farmers Financial Corp., the parent holding company of Farmers State Bank, recently agreed to be sold in a deal expected to close in the second quarter.
The buyer is Clayton-based Stark Bancshares Inc. The stock purchase agreement for undisclosed terms is contingent on regulatory approvals, according to a news release.
Thane Kifer agreed to stay on as president and a board member for Farmers State Bank.
“While most bank acquisitions result in the acquired bank becoming simply a branch location of a larger institution, Farmers State Bank will remain a fully chartered, independent bank, just has it has been since 1910,” Kifer said in the release.
Farmers State Bank posted $62.8 million in assets as of Dec. 31. It operates five branches.
Kifer also is the developer behind Bolivar mixed-use development The Vineyard, where a Best Western Plus Vineyard Hotel and Suites is scheduled to open in May.
Element Springfield South opened; Outlaw Gentlemen Barbershop added a second location; and wellness studio Stretch Zone launched.