Salina, Kan.-based Berco, Inc., and its subsidiary The Bennington State Bank is acquiring Topeka, Kan.-based New Millennium Bankshares and subsidiary Alliance Bank, according to local media.
The deal is expected to close in the fourth quarter of this year. The $149 million Alliance Bank has two branches in Topeka. The bank was founded in 1998.
“This acquisition is an exciting milestone,” said BCB President and CEO Darren Gragg in Salina Post. “Partnering with Alliance Bank will allow us to deepen our roots in the Topeka area, offering enhanced services to new and existing customers.”
Alliance Bank Chair Jeff Berkley said the merger “aligns perfectly with our mission to provide personal banking experiences while maintaining our community-focused approach. We are thrilled about this partnership and look forward to continuing to serve our employees, customers and the community with the same dedication and care that both institutions are known for.”
Washington, D.C.-based Olsen Palmer LLC was financial adviser to New Millennium Bankshares, and Stinson LLP was legal adviser. Memphis-based Gerrish Smith Tuck, PC, was both financial and legal adviser to Berco and The Bennington State Bank.
