Conway Bank acquires insolvent Argonia bank

An insolvent bank in Argonia has been acquired by Conway Bank of Conway Sprigns, the office of the state banking commissioner announced on Friday.

The banking commissioner took charge of the properties and assets of the Farmers and Merchants State Bank of Argonia on Sept. 22 after an ongoing review determined the bank was insolvent and unable to meet its creditors’ demands, according to a statement released by the agency.

The Argonia bank will reopen on Monday as Conway Bank, state officials said. Depositors of The Farmers and Merchants State Bank of Argonia will automatically become depositors of Conway Bank. Customers of the old bank can access their funds by writing checks or using ATM or debit cards.

Checks drawn on the old Argonia bank will continue to be processed. Loan customers should continue to make their payments as usual, state officials said.

Source

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