Two local banks merging together

FARMINGTON, Ill - The Bank of Farmington and Laura State bank announce Thursday that they have signed an agreement for the merger of Laura State Bank into the Bank of Farmington.

The announcement was made in Farmington by Joseph L. Higgs, President of the Bank of Farmington, and in Williamsfield by Mary Thompson, CEO of Laura State Bank.

Though specific financial terms were not disclosed, Farmington Bancorp Inc. will acquire all of the stock of Laura State Bank for cash, followed by the merger of Laura State Bank into the Bank of Farmington.

Higgs says the Bank of Farmington intends to maintain Laura State Bank's office in Williamsfield as a new branch office and to retain all of its current officers and employees.

"This represents a unique opportunity to expand our market through joining with a well-established financial institution with a strong presence in Williamsfield," says Higgs. "This location is a natural fit with our strategy of operating a community bank focused on meeting local needs."

He also added that Laura State Bank has a base of loyal customers in its market and a reputation for excellent personal service and steady earnings.

"We are proud of our efforts to provide high quality banking services to our customers," says President of Laura State Bank Charles Thompson. "Our fine staff has enabled the Bank to provide quality banking service in a great area of the state," he says. "Bank of Farmington is a fine institution that will be able to provide a wealth of new products and services for our customers that will [also] provide real benefits to them and the community."

The transaction is expected to close in the first quarter of next year.

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