Ridgeland, Miss. (PRWEB) February 24, 2006
Stewart M. Brumfield, Chairman of State Capital Corporation of Mississippi and C. Royal White, Chairman of the Board, Consumer National Bank announced today that the Board of Directors of State Capital Corporation and the Board of Directors of Consumer National Bank of Jackson have approved and executed merger agreements.
“This is a great day for both financial institutions and will allow State Bank to double its presence in the Metro-Jackson market,” said Lee Seago, State Bank & Trust Company city president. “We are extremely excited about the opportunity we have to further grow our financial institution here for our customers.”
Consumer National Bank has focused its business on offering commercial, consumer and real estate loans and deposit services to individuals and small to medium size businesses. It operates four full-service banking locations in the Metro Jackson market with locations in downtown Jackson, I-55 North, Brandon/Crossgates and on Terry Road.
“Consumer National Bank has an excellent staff. In addition, their Directors have a substantial financial interest in the Metro-Jackson market “ said John B. Neville, CEO, State Bank & Trust Company.
S. Craig Robinson, President and CEO of Consumer National Bank, said there would be no foreseeable changes among the bank’s employees.
“This merger will greatly enhance our capabilities to provide new banking services for our customers and significantly increase the bank’s commercial lending capacity,” said Robinson. “We’re simply becoming part of a bigger team with a very similar banking philosophy and much deeper pockets.”
State Capital Corporation, parent corporation of State Bank & Trust Co., operates 21 banks in Mississippi, serving markets from Memphis, TN to McComb, MS and six full service locations in Louisiana. State Capital Corporation recently announced it was selling four of its branches in Batesville, Senatobia and Vicksburg to Guaranty Bank & Trust Company upon receipt of regulatory approval. It currently operates branches in the Metro area in Flowood on Lakeland Drive, Highway 51 in Ridgeland and in Jackson on Old Canton Road and Terry Road.
Following the completion of the merger, State Bank would be constructing additional new facilities in strategic locations in the metro area, said Neville. “We’ve already secured the services of an architect and a location consultant to get that process underway,” he said. “We would estimate having additional new branches open in the Hinds, Rankin and Madison county area within the next 18 to 24 months. Craig Robinson will play a vital role in that phase of our development,” Neville added.
The Hinds, Rankin, Madison expansion follows State Bank’s move into the North Shore area of Louisiana following its merger with First Bank of Baton Rouge last year and the construction of new branches in New Roads, Denham Springs and Mandeville. The bank plans to build additional branches along the I-12 corridor between Baton Rouge and Slidell later this year. Construction is nearing completion on State Bank’s second branch in McComb plus the bank intends to open a third location there by early summer as well as an second location in Cleveland.
Neville, while not disclosing the purchase price, said that Consumer National Bank’s assets presently exceed $50 million. Upon completion of the merger, the combined assets will approach $850 million. He further stated that the merger is contingent upon both federal and state regulatory approval.
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