Thumb Bank & Trust to Expand

“We are proud to combine with Exchange State Bank,” stated Ben Schott, Thumb’s President and CEO. “This is a unique opportunity to combine with another community bank with a very similar business model and culture. Exchange and Thumb share a strong focus and commitment to community development and customers, further signifying they are the right partner for us.”

Kelly Gerstenberger, President and CEO of Exchange, commented, “Thumb’s emphasis on the customer by delivering exceptional service and value fits perfectly with our approach to community banking. I am very proud of what we have accomplished at Exchange State Bank and the deep customer relationships we have built in our communities. We believe combining with Thumb will enable us to further enhance the banking experience and capabilities we can provide to our customers.”

Ben Schott will continue to serve as President & CEO of Thumb Bancorp, Inc. and Thumb Bank & Trust. Kelly Gerstenberger, Exchange President & CEO, will serve as a senior officer of Thumb Bank & Trust and four of Exchange’s directors will join the Thumb board of directors. The merger is subject to regulatory and shareholder approval, among other customary conditions to closing. The merger is expected to close in late 2022 or early 2023.

See below for the full press release.