Stafford, Kan.-based Community Bancorp Inc. is acquiring Chanute, Kan.-based Farmers National Bancshares and its subsidiary Prairie Bank of Kansas in a stock deal.
The deal is expected to be completed early in the third quarter. Prairie Bank of Kansas will be merged into Community Bancorp subsidiary Community National Bank & Trust.
“Both banks are excited about the acquisition,” said Prairie Bank CEO James Richardson. “Prairie Bank is pleased to associate with a bank that is very community-oriented and will continue to provide that one-on-one service to which our customers are accustomed.”
Prairie Bank of Kansas is expected to complete the second quarter of this year with $135 million in assets and $83 million in loans.
Community National Bank & Trust was chartered in 1983 in Chanute by a shareholder group including President/CEO and Chair Dan Mildfelt and Mike Mitchell. The bank has branches in Kansas, Missouri and Oklahoma.
Established in 1886, Prairie Bank of Kansas acquired Buhler State Bank in 1993 and United Bank of Inman four years later. In 2009, the bank opened a branch in Hutchinson, Kan.