Twin Lakes Bancshares of Flippin, Ark., has agreed to purchase the ownership of Bank of Salem and to combine the bank with Twin Lakes Community Bank. According to officials, the merged banks will have assets of more than $150 million and will be able to provide a greater breadth of service for customers across North Central Arkansas. It is anticipated that the sale will be completed in July, pending regulatory approvals.
"The Bank of Salem has been in business for 100 years and employs excellent people who understand the local financial needs," said Chad S. Hudson, president of Twin Lakes Community Bank. "We are eager to partner with this group of bankers and the people and businesses of Fulton County."
"By combining our banks into a single entity, we will be able to better carry out our shared value of community banking," added Mark Montgomery, president and CEO of Bank of Salem.
Twin Lakes Community Bank, with assets of $40 million, is located in Flippin. TLC Bank is building a second office in Mountain Home and planning to construct an additional office in Norfork. The Bank of Salem has $121 million in assets and is headquartered in Salem with branch offices in Mammoth Spring and Viola.