Farmers Bancshares, Inc. to merge with FSBH, Inc.

“FSBH, Inc. (‘FSBH’) and Farmers Bancshares, Inc. (‘Farmers’), the parent holding company of Center, Texas based Farmers State Bank (‘Bank’), jointly announced today the signing of a definitive agreement for FSBH to acquire Farmers by means of a merger.”

The release states the transaction has been unanimously approved by each company’s board of directors and is expected to close in the fourth quarter of 2023, pending regulatory approvals, the anticipated approval of Farmers’ shareholders, and satisfaction of other customary closing conditions. Upon completion of the merger, management and the employees of the bank will remain in place, and there will be no change in the business plan of the bank.

Christopher Brewer, CEO of FSBH said “We are extremely pleased to be able to partner with Farmers, a company we very much respect. We look forward to providing the same outstanding customer service as the bank’s customers currently receive. Farmers State Bank represents the ideal banking platform for us to enter into the banking industry and we are very pleased to be able to keep the existing management team in place following the merger.”

Luke Motley III, who will continue to serve as a director of the Bank after consummation of the merger stated, “We are extremely proud to announce the merger of Farmers State Bank with FSBH. This partnership allows Farmers State Bank to remain local and continue to be run by people who are truly invested in our wonderful communities and cherished customers. This partnership allows us to offer our customers enhanced banking products, services, capabilities, and technology.”

FSBH was advised in this transaction by Beth A. Whitaker of Hunton Anderson Kurth LLP as legal counsel. Farmers was advised in the transaction by William D. “Tex” Gross and John Gosser of Commerce Street Capital, LLC as exclusive financial advisor and Michael G. Keeley of Norton Rose Fulbright US LLP as legal counsel.

ABOUT FARMERS Farmers Bancshares, Inc. is the holding company for Farmers State Bank, which was founded in 1904 by fourteen shareholders as a community bank dedicated to providing for the consumer and commercial banking needs of the citizens of Shelby County, Texas. Farmers State Bank is composed of five full-service locations and two loan offices. To learn more about Farmers State Bank, visit www.fsbctx.com. ABOUT FSBH FSBH is a Texas based corporation formed for the purpose of acquiring and operating Farmers State Bank.