OakStar to buy five-branch Lake of the Ozarks bank

OakStar Bank agreed to acquire a banking company with five branches in the Lake of the Ozarks market.

The Springfield-based company in April expects to finalize its purchase of Camdenton-based First National Bank, pending regulatory approvals. The financial terms of the deal were not disclosed in a news release.

“When our board made the decision to partner with another financial institution, we evaluated many viable opportunities,” First National board Chairman John Blair said in the release. “OakStar Bank clearly stood out as the best fit for our associates, customers and communities we serve.”

Founded in 1905, First National has $194 million in assets and employs 56 at its branches in Camdenton, Osage Beach, Sunrise Beach and Lake Ozark. Combined with First National, OakStar would have more than $950 million in assets, 260 employees and 13 full-service branches, as well as its mortgage office in Kansas City and loan production offices in Kansas City and Joplin.

“Joining forces positions OakStar Bank as one of the strongest community banks in Missouri,” OakStar President and CEO Randy Johnson said in the release.

OakStar last year ranked sixth on Springfield Business Journal’s list of the area’s largest banks and savings banks with $504 million in local deposits.