McPherson, Kan.-based PBT Bancshares is acquiring Kingman, Kan.-based KANZA Bank.
Announced earlier this fall, the deal is expected to close in the second quarter of 2025.
PBT Bancshares is the holding company of Peoples Bank and Trust Co. KANZA Bank is a subsidiary of holding company KANZA Financial Corp.
The price of the deal was not announced. Peoples Bank and Trust President and CEO Tom Pruitt said the merger will enable his bank’s expansion in the Wichita market and across central Kansas. The combined institution will have $1.5 billion in assets and 21 branches in central Kansas.
“We look forward to joining the Peoples Bank and Trust Co. organization and the opportunities that this new chapter will create; this is a perfect partnership, forged under a shared vision and passion for community banking,” said KANZA Financial Chair John Boyer IV.
Peoples Bank and Trust Co. is a $1.2 billion financial institution with more than 200 employees and 17 branches in central Kansas. KANZA Bank has $270.4 million in assets, 41 employees and four branches.
Washington, D.C.-based financial services company Olsen Palmer LLC was financial adviser to PBT Bancshares, and St. Louis-based law firm Armstrong Teasdale LLP provided legal counsel. Mission Woods, Kan.-based investment banking firm CC Capital Advisors was financial adviser to KANZA Financial Corp., and Minneapolis-based law firm Stinson LLP provided legal counsel.
