NATCHITOCHES, La. – Grant Bancshares Inc., the parent bank holding company for Bank of Montgomery, and Bank of Ringgold jointly announced today the signing of a definitive share exchange agreement under which Grant Bancshares will acquire Bank of Ringgold. Following completion of this acquisition, it is anticipated that Bank of Ringgold will merge with and into Bank of Montgomery. The terms of the definitive share exchange agreement were not disclosed.
Upon completion of these transactions, Bank of Montgomery, which currently operates from six locations in Grant, Natchitoches and Sabine parishes, will expand its footprint into Bienville and Bossier parishes with the addition of three Bank of Ringgold locations.
Bank of Ringgold, which operates from branches in Ringgold, Benton and Castor, has approximately $64 million in assets and nearly $50 million in deposits. Following the merger of the banks, Bank of Montgomery will have approximately $280 million in total assets and $250 million in deposits.
Closing of the acquisition, which is expected to occur in the fourth quarter of 2015, is subject to customary conditions, including regulatory approval and approval by the shareholders of Bank of Ringgold.
Bank of Ringgold President Dan Blacksher will remain as market president of Bank of Montgomery and the remainder of Bank of Ringgold’s staff is largely expected to remain the same.
“We have a strong commitment to our local communities, and we take pride in knowing all of our customers by name. That will never change,” says Bank of Montgomery President and CEO Ken Hale. “We welcome the Bank of Ringgold’s customers to our community banking platform with exceptional products and services.”
Dan Blacksher, president of Bank of Ringgold, said “the directors of the Bank of Ringgold believe that Bank of Montgomery will fit well into the Ringgold community since they are familiar with small town banking. We expect all customer services and loan decisions will be handled as in the past and that our customers will be provided access to additional banking services through Bank of Montgomery.”
About Bank of Montgomery
Bank of Montgomery was established in 1903 in Montgomery, Louisiana and has a strong tradition of supporting the northwest Louisiana communities in which it operates, combining hometown values with modern, full service personal and business banking products in a number of convenient locations. For more information, visit bofm.com.
About Bank of Ringgold
Bank of Ringgold was established in 1904 in Ringgold, Louisiana and provides a full range of deposit and loans services and offers online banking services. For more information, visit www.ringgoldbank.com.
Bank of Montgomery was advised by the law firm of Fenimore, Kay, Harrison & Ford,
LLP and Jeff Fair with American Planning. Bank of Ringgold was advised by the investment banking firm of Raymond James & Associates, Inc. and the law firm of Phelps Dunbar, LLP.
This communication is being made in respect of the proposed share exchange transaction involving Bank of Montgomery and Bank of Ringgold. A Special Meeting of the Shareholders of Bank of Ringgold will be held to approve the share exchange transaction. Bank of Ringgold will distribute to its shareholders a proxy statement in connection with the Special Meeting of the Shareholders of Bank of Ringgold. This release does not constitute a solicitation of any vote or approval of the share exchange transaction. Before making any voting decision, the shareholders of Bank of Ringgold are urged to read the proxy statement and other materials accompanying the proxy statement because they contain important information about Bank of Montgomery, Bank of Ringgold and the proposed share exchange.