Manhattan, Kan.-based Landmark Bancorp is buying Freedom Bancshares and its subsidiary bank for just over $33 million.
Overland Park, Kan.-based Freedom Bank has one office, $223 million in assets, $169 million in deposits and $130 million in loans and leases.
“We are very proud of the customer relationships we have built since our formation 16 years ago and we are excited that our customers will have Landmark to provide a high-touch community banking experience,” said Freedom founder, Chair and CEO Kurt Knutson.
After the deal closes in the fourth quarter, Landmark will have $1.5 billion in assets and 31 total offices in 24 communities across Kansas.
“We are very excited about this agreement with Freedom,” Michael Scheopner, President and CEO of Landmark National Bank. “Freedom Bank has been a strong commercial bank in Overland Park since its formation and the transaction allows an excellent opportunity to expand our presence in more urban areas, including Kansas City.”
Cummings & Company, LLC acted as financial advisor and Barack Ferrazzano Kirshbaum & Nagelberg LLP served as legal counsel to Landmark. Olsen Palmer LLC acted as financial advisor and Fenimore Kay Harrison LLP served as legal counsel to Freedom.