Liberty Bank plans purchase of Crane institution

Liberty Bank has entered a definitive agreement to purchase Crane-based Stone County National Bank for an undisclosed amount.

The merger, which is subject to regulatory approval, is expected to wrap up in the fourth quarter, according to a Liberty news release.

As of June 30, Stone County National had roughly $85 million in assets and $76 million in deposits, and it served about 7,000 customers, said Stone County National President John Vieth. With the merger, Liberty's assets would increase to roughly $1.1 billion. Liberty's deposits were approximately $907.3 million as of March 31, according to Federal Deposit Insurance Corp. records.

Vieth said Stone County National, which formed in 1983, has about 33 employees, who likely will stay on through the merger. Branches in Crane, Cape Fair, Reeds Spring, Galena and Branson West will continue to operate under the Stone County National banner until the merger is completed, he said.

“Liberty Bank is an ideal partner that is committed to the growth and prosperity of our communities. This merger will allow our customers to receive the same level of exceptional customer service from our employees and have access to additional banking products, locations and an extensive ATM network," Vieth said in the release.

Liberty currently operates 19 locations in 11 communities.

"This partnership enables Liberty Bank to continue its focus on growth and economic development in the Stone County area," Liberty President and CEO Gary Metzger said in the release. "We will work diligently to ensure a smooth transition during the next few months and look forward to sharing our products and services with our new customers."