A New Chapter And Name Begins For Farmers Bank

By: 
Judy Kramer
County Reporter
On March 25, 2020, Farmers Bank of Lincoln and Lincoln Bancshares Inc., Lincoln and Warsaw, announced the sale of Lincoln Bancshares Inc. to Community Bancorp, Inc. and Community National Bank & Trust, Chanute, Kansas. The acquisition is expected to be completed in the third quarter of 2020.
Farmers Bank was charted on January 11, 1890 and is one of the oldest locally owned and operated banks in the state. Karl Kroenke, the current chairman of the board, started his career at Farmers Bank in 1952. The Kroenke family has owned Farmers Bank since 2000.
When asked why Farmers Bank decided on this merger, management stated that “Farmers Bank has always been dedicated to serving the financial needs of our local families, businesses and farmers. Current ownership found it important to seek a partnership with an institution that shares our core banking values and one where they could retain an ownership interest. This merger with Community National Bank & Trust accomplishes those important goals.”
The current owners see this as a positive move for the business as well as for the customers. Management reported that Community National Bank & Trust values Farmers Bank officers and employees and has a track record of strong support for rural communities. There will be a broad range of products and services offered to customers as well as more options, but lending decisions will be made locally by people who understand the unique challenges and financial needs of the business people and residents of the communities served.
Community National Bank & Trust has 35 locations. It will offer more products and services such as wealth management, trust services, and a wider range of loan products. Its locations at Lincoln and Warsaw will continue to have the same employees and the same hours.
Farmers Bank of Lincoln and Lincoln Bancshares, Inc. Lincoln and Warsaw requested that the following press release be published in conjunction with the above article. 
NEWS RELEASE     March 25, 2020 
Farmers Bank of Lincoln and Lincoln Bancshares Inc., Lincoln and Warsaw, Missouri announce the sale of Lincoln Bancshares Inc., to Community Bancorp, Inc. and Community National Bank & Trust, Chanute, Kansas.
Stephen Kroenke, President and CEO of Farmers Bank of Lincoln, and Dan Mildfelt, President and CEO of Community National Bank & Trust have signed an agreement whereby Community Bancorp, Inc. will purchase all the stock of Lincoln Bancshares, Inc. and acquire Farmers Bank of Lincoln, which will be merged into Community National Bank & Trust.  The transaction is subject to regulatory approval.  The acquisition is expected to be completed in the third quarter of 2020, after receipt of regulatory approval.  
Farmers Bank of Lincoln is headquartered in Lincoln, Missouri and its other branch is located in Warsaw, Missouri.  Farmers Bank of Lincoln expects to complete the second quarter of 2020 with total assets exceeding $125 million. 
“We value the relationships we have built with our customers in Benton County and the surrounding area. Combining the resources of these two strong community banks will ensure a continued commitment to local banking and investment in the communities we have served these many years” said Stephen Kroenke, President and CEO of Farmers Bank.  
Community National Bank & Trust is a community bank, headquartered in Chanute, Kansas with banking centers in Arkansas City, Arma, Augusta, Benton, Burns, Caney, Chanute, Cherryville, Coffeyville, Edna, El Dorado, Emporia, Eureka, Fredonia, Frontenac, Girard, Humboldt, Independence, Iola, Neodesha, Newton, Parsons, Pittsburg, Winfield, Ponca City and Newkirk Oklahoma and Nevada, Lamar, Carthage, El Dorado Springs and Golden City, Missouri.  
Dan Mildfelt, President and CEO of Community National Bank & Trust stated “Community National is excited to have the opportunity to serve the people of Lincoln and Warsaw Missouri, and the surrounding communities in Cole Camp and Benton County areas.”
Community National Bank & Trust offers a wide array of unique checking account products, internet and mobile banking, savings, diversified lending in residential, agricultural, commercial, and consumer lending, leasing, commercial cash management and trust services to meet all of your financial needs.  Community National Bank & Trust expects the bank will complete the second quarter of 2020 with total assets exceeding $1.3 billion.
“We believe this is a wonderful combination of two well respected financial institutions that will serve the Bank’s customers very well.  We look forward to working with the excellent management team, officers and staff, and the fine customers of Farmers Bank of Lincoln,” said Dan Mildfelt.  
In recent years, during the Comptroller or the Currency Community Reinvestment Act (CRA) examination, as evidence of its commitment to the communities it serves, Community National Bank & Trust received the highly coveted rating of “Outstanding”.  Community National Bank & Trust looks forward to merging these banking centers and continuing to provide exceptional banking services to each community.
It is anticipated that the employees of Farmers Bank of Lincoln will remain with Community National Bank & Trust after combining the two financial institutions.  “Other than the sign on the door, our customers will not see many changes and we look forward to the enhanced products and services that a larger community bank can provide” said Stephen Kroenke, President and CEO.  
 

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