Merchants & Planters Bank to acquire OmniBank
Merchants & Planters Bank and OmniBank jointly announced recently the signing of a Definitive Merger Agreement pursuant to which Merchants & Planters Bank will acquire OmniBank.
Merchants & Planters Bank founded in 1906 operates three locations in Raymond, Bolton and Clinton, Mississippi, all in Hinds County, with approximately $120,000,000 in total assets.
OmniBank has their headquarters in Bay Springs with a location in Heidelberg, both located in Jasper County, Mississippi, and another location in Jackson, Mississippi, in Hinds County. The total assets for OmniBank are approximately $54,000,000.
The merger agreement has been unanimously approved by the voting members of the Board of Directors of each financial institution and is expected to close in the second quarter of 2022, pending customary closing conditions, including receipt of required regulatory approvals and the approval by shareholders of Merchants & Planters Bank and OmniBank.
Merchants & Planters Bank is a community-based financial institution with a Certified Development Financial Institution (CDFI) designation.
“They have a strong desire to grow and continue our legacy of involvement in the communities we serve,” said Mr. Joseph D. Fail, Chairman of the Board of OmniBank. “By merging with Merchants & Planters Bank, our customers will gain access to a wider breadth of banking products and services.”
“We are excited about the merger and the opportunity that it presents for our combined clients, team members, and shareholders” said Mr. Ted H. Kendall, III Chairman of the Board of Merchants & Planters. “We believe that combining two like-minded, community-focused banks will benefit our customers and the communities we serve.