(A correction has been made to this article. See end for details.)
Farmers Bank & Trust of Magnolia said Tuesday that its board of directors has named Chris Gosnell president and CEO, effective immediately.
Gosnell previously worked as president and chief banking officer. Former CEO Bob Burns will remain the bank's board chairman.
Gosnell, a 2015 Arkansas Business "40 Under 40" honoree, joined the bank in 2010. He received a bachelor of arts in administrative management from the University of Arkansas in 2003 and a master of science in operations management in 2005.
He graduated from the Graduate School of Banking at Colorado and serves on the Arkansas Bankers Association Board of Directors.
Burns joined the bank in 1980. Under his leadership, the bank grew from $31 million in assets to $1.3 billion as of Sept. 30. By assets, Farmers is the seventh largest bank in Arkansas. It reported net income of $19.4 million in 2015 and $16.4 million for the first three quarters of 2016.
"The Board is appreciative of all that he has done to grow Farmers into the Bank it is now, and looks forward to many more years of growth under his and Chris Gosnell's leadership," the bank said in a news release.
Farmers Bank & Trust is a 110-year-old community bank owned by privately held Magnolia Banking Corp. With more than 20 locations in Arkansas and Texas, the bank acquired 1st Bank of Texarkana, Texas, in 2015.
(Correction, Jan. 24, 2017: The original version of this story incorrectly omitted Farmers Bank's acquistion of 1st Bank.)