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Bank of Joplin will officially change its name to Mid-Missouri Bank in August.
Bank of Joplin will officially change its name to Mid-Missouri Bank in August.

Holding companies merge into Mid-Missouri Bank

Posted online
Three southwest Missouri bank holding companies, each covering a specific area, are joining together to gain a stronger foothold in the region.

Mid-Missouri Bancshares Inc., Central State Bancshares Inc. and First Financial Bancshares Inc. already share some common ownership and will merge in August, operating under the Mid-Missouri Bank name. They will have combined assets of about $800 million under the Mid-Missouri Bancshares holding company.

Mid-Missouri Bank CEO Lee Gilbert will serve as CEO of the merged company.

Bank branches included in the merger are two locations of Webb City Bank, three locations of Bank of Joplin, seven locations of Mid-Missouri Bank and three locations of First National Bank of Mount Vernon.

The merger has not received regulatory approval.

The move has been about a year in the making, said Mid-Missouri Bank Senior Vice President Brian Riedy.

“This is obviously going to grow our size, but our focus will continue to be on our customer,” he said. “Our banks are out there to help with the financial future of individuals and businesses, and we feel this merger will help us focus that goal.”

Each branch will continue to offer the same services they always have – but with added convenience. For instance, Riedy said, customers who bank in Joplin and are visiting Springfield can conduct their banking business while away from home.

Together, the merged company will have approximately 250 employees. Riedy said no personnel changes will be made as a result of the merger.

Despite having a larger holding company that spans a broader region, Riedy said each bank location will continue to offer personalized, local service.

“The responsibility lies with the locations and the community presidents,” he said. “They get a good turnaround time, and they get decisions made there, not in a central location.”

Riedy said many branches already have begun to change their signs and advertise the upcoming change. He would not disclose a restructuring cost.

The merged company will operate a total of 15 bank branches and 47 automated teller machines.

Affected Branches

Webb City Bank: Webb City (2 locations)

Bank of Joplin: Joplin (3 locations)

Mid-Missouri Bank: Springfield, Stockton, El Dorado Springs, Deepwater, Bolivar, Lebanon and Republic

First National Bank of Mount Vernon: Mount Vernon (2 locations), Willard

This story also ran in the May 22 Joplin Tri-State Business, SBJ’s sister publication.[[In-content Ad]]

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