Scott City, Kan.-based Security State Bank officially acquired Syracuse, Kan.-based Valley State Bank on June 1.
The $871 million Security State Bank now has four branches and an LPO in western Kansas, including branches in Scott City, Leoti, Garden City and Syracuse along with an LPO in Dodge City. The bank also has $635 million in deposits and $642 million in loans.
The financial terms of the deal were not disclosed.
“Both banks share a strong commitment to customer service and the belief that community banking plays a crucial role in our tight-knit communities,” said Security State Bank President and CEO Josh Bailey. “This merger will provide a more robust foundation for community banking in the region.”
Security State Bank is a subsidiary of Security Bancshares, Inc., while Valley State Bank was a subsidiary of Valley Bancorp, Inc. Valley Bancorp shareholders are expected to receive cash for their shares.
Minneapolis-based Stinson LLP provided legal counsel to Security State Bank. Kansas City, Mo.-based Spencer Fane provided legal counsel to Valley Bancorp.
