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|CTB, Mississippi bank announce merger|
Community Trust Financial Corp. of Ruston and Madison Financial Corp. of Madison, Miss., will merge, adding three bank offices in Madison County to Community Trust's regional banking network.
The announcement was made Friday by Community Trust Bank officials.
Under the merger agreement, Madison County Bank, the principal subsidiary of Madison Financial Corp. with assets of approximately $65 million, will continue to manage its three banking offices in Madison County under the name Community Trust Bank of Mississippi.
Community Trust Financial, with assets exceeding $1.2 billion, currently operates 18 locations in north central and northeast Louisiana and Texas.
"With the Madison County addition, Community Trust Financial Corp. now operates a cohesive banking franchise that extends from the Dallas-Fort Worth metropolitan area in Texas to Madison County Mississippi," said Ronnie Myrick, chairman of Community Trust Bank.
"We've been looking for the right opportunity to enter the Mississippi market, and we finally found an excellent opportunity with the employees, customers and shareholders of Madison County Bank," Myrick said. "We're pleased to be able to bring to the people of Madison County the same kind of first-class customer service and community involvement we're already known for in Louisiana and Texas."
John Emory, chairman of Community Trust Financial Corp., said Madison County Bank is "a perfect fit with Community Trust's growing regional network of community-oriented banks that focus on high-quality personnel and meeting the needs of local residents and businesses."
"In every one of our banks, the focus is local, so while we may be expanding to Mississippi, our core commitment to the people and businesses in the communities we serve remains a constant," Emory said.
Community Trust Bank president and CEO Drake Mills said Community Trust will begin an expansion program designed to meet all financial service needs of current and future customers in Madison and surrounding counties. He does not anticipate any local staff reductions as a result of the merger.
Henry A. Logue, president and CEO of Madison County Bank, added, "We are very pleased to be merging with Community Trust, a bank that shares our commitment to providing the best customer service in the communities we serve. We believe that their leadership, vision and performance provide a solid foundation for a bright future that will benefit our shareholders, customers and employees as we move forward together."
Logue will continue as president and CEO of Community Trust Bank of Mississippi.
The merger is expected to be completed by the second quarter of 2010, subject to certain regulatory and shareholder approvals.