A Farmington-based bank has agreed to purchase Vandalia’s Bank of America branch.
According to a news release, First State Community Bank, based in Farmington, agreed on eight additional Bank of America purchases in Missouri, including the Mexico branch.
Pending regulatory approval, the contract is expected to be completed by the second quarter of 2013. Bank of America announced last year that it would close or sell 750 of its branches over a few-year period.
According to its website, First State Community Bank was chartered in 1953 and since 1981 has continued to acquire banks, reaching $1 billion in assets in 2010. Since 2008, the bank added 23 locations.