Morris Bank Completes Merger with Farmers & Merchants Bank
DUBLIN, Ga., May 01, 2019 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (“Morris”), the parent company of Morris Bank, headquartered in Dublin, Georgia, announced today that it has completed its merger with FMB Equibanc, Inc. (“FMB”), the parent company of Farmers & Merchants Bank, headquartered in Statesboro, Georgia. On a pro forma basis, as of December 31, 2018, the combined bank will have total assets of approximately $925 million with $725 million in loans and $825 million in deposits, with full-service banking locations in Dublin, Gordon, Gray, Warner Robins, Statesboro, and Brooklet.
"We're excited to have completed our merger with Farmers & Merchants Bank. The FMB franchise is a great cultural fit for us and we look forward to expanding into the Bulloch County market. Their bankers share in the existing Morris Bank commitment to the delivery and value of true community banking," said Morris Bank President and Chief Executive Officer, Spencer N. Mullis. "This merger expands our earnings growth and profitability and increases our asset size to over $900 million. We also believe this merger will greatly benefit both FMB’s and our existing clients with expanded locations, services, and products. We look forward to a bright future with FMB now being part of the Morris family."
Although the merger has been completed, full conversion and integration of FMB operations into Morris is not expected to be complete until later in the current quarter. At this time and until the conversion is completed, FMB clients should continue to conduct their banking business as usual, including using existing branches, debit cards, checks and ATMs, and making loan payments.
About Morris State Bancshares, Inc.
Morris State Bancshares, Inc. is a bank holding company headquartered in Dublin, Georgia. Substantially all of the operations of Morris State Bancshares, Inc. are conducted through the company’s wholly owned subsidiary, Morris Bank, a Georgia state chartered commercial bank, Member FDIC. As of December 31, 2018, Morris Bank reported approximately $750 million in total assets. For additional information about Morris Bank, visit www.morris.bank.
Contact Information
| Spencer N. Mullis President and Chief Executive Officer Morris State Bancshares, Inc. (478) 272-5202 |