First National to acquire Commerce Bank branch

First National Bank of Mt. Vernon and Commerce Bancshares Inc. announced April 18 that First National will acquire Commerce's Marionville branch at 511 Chestnut.

The sale will include the bank's building, loans and deposit accounts, and will be finalized June 26, according to Robert A. Hammerschmidt, Commerce's president and chief executive officer for the Springfield region.

Hammerschmidt said the branch's proximity to Commerce's Aurora branch is the reason for the sale. He declined to disclose the selling price of the branch, which has deposits of approximately $10.8 million.

"Given the population growth and density in the area, we elected to keep the Aurora branch open," Hammerschmidt said.

Hammerschmidt said the branch is the only remaining bank in Marionville, which contributed to the decision to sell the bank rather than close it.

"It would be very difficult to leave the town without a bank," Hammerschmidt said. "First National is a good community bank and will take good care of our customers."

First National President and CEO Bill C. Lee said First National has no plans to expand further for the time being. The bank has two locations in Mt. Vernon and is the largest independent bank in Lawrence County with total assets of $86 million. Lee said First National's locations in Mt. Vernon have approximately 30 employees total and will gain seven with the purchase of the Commerce branch.