Farmer’s Bank and Trust of Magnolia and 1st Bank announced Monday (7-14) that Farmers will acquire 1st Bank. Farmers CEO and former Patmos resident Bob Burns was quoted as saying “Farmers Bank & Trust is excited about the opportunity to serve the customers and staff of 1st Bank”. Farmers is a 108 year old community bank with assets totaling $885 million dollars. It has 17 banking locations serving communities in Magnolia, Camden, East Camden, Welcome, Malvern, Rockport, Haskell and Texarkana. 1st Bank was founded in Hope in 1893 and has $309 million in assets with locations in Hope, Texarkana, Blevins, Lewisville, and New Boston, Texas. Mike Cross, President and CEO of 1st Bank said “This transaction allows us to partner with a strong community bank that is focused on providing great customer service with a deep commitment to the communities where it operates…We look forward to working with the management team of Farmers Bank & Trust to make this a smooth transition for our customers and employees. “ The banks’ holding company boards have approved the agreement; however it still must meet shareholder and regulatory approval.