Armor Bank has named a new president for its Marianna market. Sue Colinger has been tapped to take over as market president.
In October 2020, Armor Bank announced its plans to acquire the Marianna branch of Farmers and Merchants Bank. The Forrest City-based bank entered into an agreement to purchase the bank, and the transaction is set to close on Feb. 19, 2021.
Armor Bank plans to have eight full-service retail locations in Arkansas by the end of 2021. In addition to Marianna, the bank will have locations in Forrest City, Hot Springs, Jonesboro, Little Rock, Marked Tree, Trumann and Tyronza.
“Armor Bank started in east Arkansas. This region has cultivated a strong foundation for us and has always been home for Sue. This is a perfect illustration of our grassroots, relationship based approach as we expand the roots we have in east Arkansas,” Armor Bank CEO Chad May said in a statement. “Sue brings an unparalleled amount of experience to our team that will add substantial value to our customers and the service we provide them.”
Kayla Jones will also be joining the Marianna branch, serving as a personal banking specialist.
As of Dec. 31, 2020, Armor Bank reported $207 million in assets.