Magnolia, Ark.-based Farmers Bank & Trust Co. agreed to acquire Prescott, Ark.-based Bank of Prescott.

The terms of the transaction, which is expected to close in the third quarter, were not disclosed in the merger release.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southeast region between May 20, 2018, and May 20, 2019, averaged 167.52% of book and 178.46% of tangible book and had a median of 21.38x last-12-months earnings on an aggregate basis.

Farmers Bank & Trust is a unit of Magnolia Banking Corp. and has assets of about $1.6 billion, according to the release. Bank of Prescott, a unit of Prescott Bancshares Inc., has more than $67 million in assets.

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