Providence Bank is under new ownership after its parent company was sold late last month.
According to a news release, First Mid Bancshares, the parent company of First Mid Bank & Trust, completed its purchase of Providence Bank's parent company, LINCO Bancshares. Providence has several locations in Mid-Missouri, including in Jefferson City.
The release stated there would be no immediate changes for customers of Providence Bank but noted account conversions are expected to happen sometime after April 1. Customers are expected to receive information in advance of any changes to their accounts.
"We welcome Providence's customers and employees to First Mid and are excited to provide additional services to these communities where Providence has built strong relationships," Joe Dively, First Mid chairman and chief executive officer, said in the release. "We have worked closely with the Providence team over the last few months to ensure a smooth transition."
At the same time as the purchase, it was also announced the president and CEO of Providence Bank, Kit Stolen, would retire effective immediately.
According to the release, at the end of 2020, Providence Bank had approximately $1.1 billion in total assets, $895 million in deposits and $863 million in loans through 14 locations in Missouri, Texas and Indiana. After acquiring the parent company, First Mid reported approximately $5.7 billion in total assets.
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