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Exchange Bank to Acquire Troy State Bank

By David Meyer

10/05/2012

(KAIR) -- Exchange National Bank and Trust of Atchison has announced the planned purchase and merger of Troy State Bank.

Pending regulatory approval, the transaction is expected to be completed by the end of 2012.

This development falls on the heels of Exchange Bank’s acquisition of the former Rushville State Bank in August of this year.

Jim Needham, Troy State Bank board chairman and president and his wife, Marjorie, who serves as corporate secretary and vice president of Troy State Bank, plan to retire from their respective roles upon finalization of the transaction.

Needham intends to maintain an association and frequent presence at the bank to provide assistance and mentoring during the transition phase and keep in contact with customers.

Appointed to fill the role of market president at the Troy bank location is Chuck Swinford, a Doniphan County native and an officer of Exchange National Bank since 1986.

Another Doniphan County native and seasoned Exchange National Bank vice president, Wanda Olson, will share part of her time at the Troy facility assisting with training related to teller functions, deposit services and overall bank operation practices and procedures.

Exchange has current assets of $360 million, making it the largest locally owned bank in northeast Kansas.

Troy State Bank, established in 1906, is the largest bank in Troy, with assets exceeding $28 million.

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