09 Feb State Holding, Inc. completes acquisition of the state bank from CS Bancshares, Inc.
Richmond, Missouri (February 9, 2024) – CS Bancshares, Inc., Chillicothe, Missouri, and State Holding, Inc., Jefferson City, Missouri, today jointly announced the completion of State Holding, Inc.’s acquisition of The State Bank, Richmond, Missouri from CS Bancshares, Inc.
CS Bancshares, Inc. will continue to operate Chillicothe State Bank, Chillicothe, Missouri and State Bank of Missouri, Concordia, Missouri.
“I am very proud of what The State Bank has achieved in supporting the Richmond community and I am particularly proud of our efforts to help families, farmers and small business owners. Having worked closely with the team at State Holding, Inc. to complete this transaction, I’m confident we selected a purchaser equally passionate about the critical role that community banks play in the continued success of the residents and business owners in our area,” Fred K. Simmer, CS Bancshares, Inc.’s Chairman, said. “CS Bancshares, Inc. will continue to own and manage Chillicothe State Bank and State Bank of Missouri and remain involved in the communities they serve.”
The State Bank, which operates from its main office in Richmond, Missouri, had approximately $35.2 million in assets, $13.2 million in loans, and $32.2 million in deposits as of December 31, 2023. The State Bank’s President, Misti Holloway, will continue to serve following completion of the acquisition. Rob Swafford and Rick Westbrook will remain on the Board of Directors. The State Bank will continue to serve the Richmond community, and the acquisition will not alter the products and services it offers.
“I look forward to The State Bank continuing to serve, and invest in, the people and communities in and around Ray County,” said Jim Yankee, State Holding, Inc.’s President and CEO.
Fenimore Kay Harrison LLP served as legal adviser and CC Capital Advisors served as financial advisor to CS Bancshares, Inc. Meeks, Butera & Israel PLLC served as legal advisor and Faust Financial, LLC served as financial advisor to State Holding, Inc.
About The State Bank
The State Bank is a full-service community bank founded in 1904. The State Bank is a Missouri state-chartered bank operating from its main office in Richmond, Missouri, from which it serves the individuals, families, and businesses throughout Ray County. The State Bank prides itself on quality customer service and helping its customers find products to assist them in developing a healthy financial future. The State Bank is a member of the Federal Deposit Insurance Corporation.