Greenfield, Adair banks announce merger

Union State Bank and Exchange State Bank are excited to announce a merger agreement in which Union State Bank will acquire the stock of Exchange State Bank. The assets and liabilities of Exchange State Bank will merge into the existing infrastructure of Union State Bank in the second quarter of 2024, pending regulatory approval.

Union State Bank’s main office is located in Greenfield with branches in Bridgewater and Corning. The bank was originally established in Bridgewater in 1890 and has held a strong, community-driven presence for over 130 years. Current CEO Peg Scott led a local group of shareholders to form the holding company Greenfield Bancorporation, LTD to purchase the bank in 2007.

“It was important to the bank’s shareholders in 2007 that we maintain a locally-owned, locally-managed bank to serve our community and provide a stable workplace for local employees,” Scott said. ‘The bank’s ownership and management believe we can bring this same model to the Adair community.”

Exchange State Bank has served the Adair community since 1879. President and CEO Randal Baird had this to say: “We are pleased to be merging with another community bank that has the same commitment to personal banking with small town service and values that mirror our own.”

Union State Bank President, Matt Mensing, is excited to show the Adair community how Union State Bank operates.

“The current customer base of Exchange State Bank obviously values a bank with stability and timely decision making. Union State Bank was built on those same principles,” Mensing said. “Our business is based on supporting the needs of local farmers and small business owners. We want to be the first option for local residential real estate and consumer loans. We strive to provide a safe, secure depository for our customers’ deposit accounts while providing current technology to serve those needs.”

Current customers of the Exchange State Bank will receive correspondence with further details in the coming weeks.