Southwest Missouri banks to merge

Cassville-based Freedom Bank of Southern Missouri and Monett-based Community National Bank entered a merger deal.

Through the agreement, Community National Bank will merge into Freedom Bank. With the deal expected to close in the second quarter, Community National Bank’s two locations in Monett and Aurora would join Freedom Bank’s five branches in Cassville, Willard, Shell Knob, Golden and Seligman, according to a news release. The terms were not disclosed.

“We feel fortunate to team up with Community National Bank’s associates and investors in relation to the pending transaction,” Freedom Bank President and CEO Stan Kelley said in the release. “Community National Bank is highly regarded as a top quality bank among its banking peers.”

Upon completion of the deal, Freedom Bank would have $430 million in assets, $367 million in deposits and $326 million in loans. As of Sept. 30, Freedom Bank’s assets were $292 million, deposits were $243.5 million and net loans and leases were $238 million, according to Federal Deposit Insurance Corp. data.

“As our board evaluated many opportunities to partner with another financial institution, Freedom Bank clearly stood out as the best fit for our associates, customers and communities we serve,” said Michael Wallace, chairman of Community National Bank, in the release.