Bank of Hays has agreed to buy Farmers' State Bank of Jetmore, Kan.
Bank of Hays, which is also based in Kansas, will have about $229 million of assets when it completes the acquisition, says Randy Walker, the bank's chief executive. The deal should close by Dec. 31; the banks did not disclose a price.
Executives at Farmers' State Bank approached Bank of Hays last year about a combination, in order to cut costs, Walker says. "They were finding it harder and harder to make money," he says.
Bank of Hays will keep Farmers' State Bank's sole branche in Jetmore open, Walker says. The deal will give Bank of Hays two branches in Hodgeman County. The bank will shuffle employees between the two offices as necessary, Walker says.