Cooper Lake Financial Corporation ("Cooper Lake") and Ark Financial Holding, Inc. ("Ark") have entered into a definitive agreement for Ark to acquire Cooper Lake, the holding company of The First National Bank in Cooper. The transaction is subject to customary closing conditions, including approval by Cooper Lake shareholders and the receipt of required regulatory approvals.

Ark intends to contribute additional capital to The First National Bank in Cooper following the closing of the proposed transaction. That capital will fund a multi-year investment program to upgrade the bank's technology infrastructure, expand digital banking services, and add modern digital payments capabilities for the bank's customers.

The First National Bank in Cooper is the oldest bank in Delta County. The bank will remain at its current location in Cooper and remain committed to serving Cooper and Delta County, as well as growth in the communities surrounding Cooper. Customers will see the same team, work with the same bankers, and continue to bank the way they prefer. Deposit accounts, loan relationships, branch hours, and day-to-day operations will continue without disruption.

Tim Gregory, President and CEO of Cooper Lake and The First National Bank in Cooper, said "This new partnership with Ark will provide the bank with the resources to invest in modernizing our technology infrastructure, including digital banking services. Our customers will continue to see the same faces and receive the same care and service as they always have when they walk into the bank."

"The First National Bank in Cooper has served this community for generations, and we are honored to continue that tradition," said a representative of Ark Financial Holding, Inc. "As we invest in modernizing the bank's technology infrastructure, we are excited about what this means for the bank's customers."