First Kansas Bank has signed a deal to acquire Bank of America’s (BofA) ten branches including deposits and some assets in Kansas.
The acquisition, which will allow First Bank to increase its total assets to approximately $1.1bn, is subject to approval from banking regulators and customary closing conditions and is expected to complete in the summer of 2014.
BofA’s ten branches include Great Bend, Hays, Lindsborg, McPherson, Caney, Coffeyville, Independence, Hutchinson, Salina and Emporia.
First Kansas Bank CEO and president, Paul Snapp, said they are excited to welcome these new customers to their existing banking family.
"These new locations demonstrate our commitment to the Golden Belt area as we enter our 113th year of service. First Kansas Bank is committed to a high level of personal service and community focused banking. We believe our new customers will enjoy the convenience of our five locations and seven ATMs," Snapp added.
Founded in 1900, First Kansas Bank has total assets of $115m and capital account of over $8m and offers loan and deposit services to consumers, commercial businesses and agricultural producers.