Kansas’ Armed Forces Bank is buying the residential mortgage operations of KS StateBank, Manhattan.
The deal, expected to close in the fourth quarter, will more than double Fort Leavenworth-based Armed Forces Bank’s residential mortgage lending business and add four new loan production offices in Manhattan and Overland Park, Kan., Scottsdale, Ariz., and Minnesota.
“We know how important home ownership is to establishing financial security, creating wealth, and building community, which is why we are committed to expanding our residential mortgage banking services for all of our clients,” said Paul Holewinski, CEO of Dickinson Financial Corporation, Armed Forces Bank’s holding company. “We are excited to partner with KS StateBank, a bank like ours that has strong roots in the Midwest and reach throughout the country that values and embodies trust in banking.”
The $1.2 billion Armed Forces Bank has 27 offices in Arizona, California, Colorado, Illinois, Kanas, Kentucky, Missouri, Nevada, New York, Texas, Virginia and Washington.
Shedding the residential mortgage division will allow KS StateBank to focus on its commercial banking business lines. “We very much appreciate the strong contribution and exceptional client service this team has provided, and while we emphasize our commitment to business banking and government finance, we are pleased to offer our residential lending team a path for continued success,” said Mike Daniels, president and CEO of the $2.3 billion bank.
KS StateBank has branches in Manhattan, Junction City and Wichita, Kan., and Phoenix.