Loomis, Neb.-based First State Bank is expanding in the south-central part of the state by acquiring Axtell-based Farmers and Merchants Bank.
Farmers and Merchants will be rebranded as First State Bank before the end of this year, said First State President Dave Dannehl. The $200 million First State Bank already had locations in three communities within an hour’s drive from Axtell and had long expressed interest in establishing a location in the city, according to a press release.
“We are pleased to join the Axtell community and look forward to serving the financial needs of Farmers and Merchants customers,” said First State Bank President Dave Dannehl. “We have always had a good working relationship with Farmers and Merchants and believe that the relationships we have developed over the years will pave the way for an excellent partnership that will benefit both communities.”
First State Bank is part of the private, family-owned Lauritzen group of banks and affiliates.
“We are excited to be a part of the First State Bank family and believe our customers will appreciate the additional services that will come from this merger,” said Jeff England, president of the $11.5 million Farmers and Merchants Bank.