Empire Bank to buy competitor

In a transaction expected to close in the third quarter, Empire Bank would acquire The Greene County Bank’s four branches located in Springfield, Strafford, Fair Grove and Battlefield, according to a news release.

The Greene County Bank has about $40 million in assets. Combined assets between both banks would be more than $775 million, according to the release.

Empire President and CEO Russ Marquart would not disclose the purchase price. He called the deal an opportunity to offer more services and more advanced technology to The Greene County Bank customers.

“We think it’s a good fit between our cultures and our organizations,” Marquart said. “There’s a lot of loyalty to The Greene County Bank from its customers. It’s been a longtime member of the community, just like Empire Bank has, so that’s a good fit for us as well.”

The Greene County Bank was founded in 1960, and Empire Bank has been in business since 1956.

Empire Bank has 14 bank locations in Springfield, Nixa, Ozark, Highlandville, Marshfield, Strafford, Fair Grove and Pleasant Hope. The bank is part of Central Bancompany, an $8.4 billion holding company based in Jefferson City.

Empire Bank is expanding – construction should finish this fall on a 3,000-square-foot branch in Republic, at 1110 Independence, near Wal-Mart.