Guaranty rebrands Hometown Bank branches

Guaranty Federal Bancshares Inc. (Nasdaq: GFED) this morning opened seven former Hometown Bank branches as Guaranty Bank locations.

The new Guaranty Bank branches launched about two months after the company finalized its $4.6 million purchase of Carthage-based Hometown Bancshares Inc. The deal marked Guaranty’s first full-bank acquisition, according to past Springfield Business Journal reporting.

“The efforts by employees from both banks to make this transition as smooth as possible is a testament to their dedication to provide the best service possible to our customers,” said Will Cologna, product solutions vice president and project manager for Guaranty’s conversion of Hometown’s customers, in a news release.

The acquisition expanded Guaranty’s footprint into Jasper and Newton counties, with two branches in Joplin, two in Carthage and one each in Neosho, Oronogo and Pineville. Guaranty now operates 18 branches in Greene, Christian, Jasper and Newton counties, as well as a loan production office in Webster County.

Separate from the Hometown Bank deal, Guaranty also is working toward opening its third Joplin branch this month, according to the release.

Through the Hometown Bank acquisition, Guaranty brought its assets up to $980 million.

In the first quarter, Guaranty reported $1.36 million in net income available to common shareholders, a 5 percent decrease from a year earlier.

GFED shares closed June 8 at $23.80. Its 52-week range is $15.89 to $24.20.