Leawood, Kansas-based CrossFirst Bankshares is entering Colorado and New Mexico by buying Clayton, N.M.-based Farmers & Stockmens Bank.
CrossFirst Bank announced June 14 that it is paying $75 million in cash to F&S Bank’s holding company, Central Bancorp, for the $567 million bank. After the deal closes in the second half of this year, the combined company will have approximately $6.2 billion in assets, nearly $5 billion in loans, and $5.3 billion in deposits with offices in Kansas, Oklahoma, Texas, Missouri, Colorado, New Mexico and Arizona.
CrossFirst President and CEO Mike Maddox said the buy “represents an exciting milestone for our company, allowing us to enter new, dynamic markets, and expand our capabilities by partnering with an impressive team of bankers. We have tremendous respect for the Farmers & Stockmens and Central Bank & Trust management teams and are confident this combination will create extraordinary value for our stockholders, our clients, our employees, and our communities.”
The transaction is expected to be 11.7 percent accretive to CrossFirst’s earnings per share in 2023. New York City-based Keefe, Bruyette & Woods, A Stifel Company, served as financial adviser for CrossFirst in the transaction, with Stinson LLP as legal counsel. Central was advised financially by Piper Sandler & Co., Minneapolis, and Otteson Shapiro LLP, Denver, as legal counsel.
“We are delighted to join a bank that shares our cultural values and commitment to its clients as we embark on this next chapter for Farmers & Stockmens Bank,” said F&S CEO Scott Page. “We have built a successful and differentiated franchise in our local communities, and this combination will provide our clients with the full breadth of CrossFirst’s comprehensive set of products, services and systems.”