Old Missouri Bank expands in Carthage

Photo courtesy Old Missouri Bank Facebook

Old Missouri Bank’s newly constructed branch in Carthage is open for business.

Springfield-based Old Missouri Bank expanded its presence in Carthage after entering the market with a loan production office last year.

Bart Anders, digital marketing manager for the bank, said the company purchased a lot across the street from the former loan office and built a full-service branch from the ground up. He declined to disclose costs.

Located at 535 W. Fir Road in Carthage, the branch opened Sept. 16. Led by Lonnie Heckmaster, the office employs 10 people with room for more, according to a news release. Heckmaster previously was president, CEO and board chairman for Carthage-based Hometown Bancshares Inc., which last year was purchased by Guaranty Federal Bancshares Inc. (Nasdaq: GFED).

“By building a full-service branch in Carthage, we are hoping to show our strong commitment to this community,” said Mark Harrington, Old Missouri Bank’s president and CEO, in the release.

Old Missouri Bank ranked No. 9 in terms of deposits held in the Springfield metropolitan statistical area, with $387.5 million, or a 3.6% share, as of June 30. The bank did not rank in the Joplin MSA that includes Carthage, according to recently released data from the Federal Deposit Insurance Corp. Anders said the newly opened branch is now accepting deposits, as the former office only issued loans.

As of June 30, Old Missouri Bank’s total deposits were $405 million and assets were $503.9 million, according to FDIC data. The company reported net income of roughly $2 million through the first half of the year.