Blue Valley Ban Corp. in Overland Park, Kan., has agreed to acquire a branch in its hometown owned by The Federal Savings Bank in Chicago.
The $617 million-asset holding company for Bank of Blue Valley will acquire $37 million in deposits from Federal Savings Bank's branch located on College Boulevard in Overland Park. Bank of Blue Valley will close the location and consolidate the operations into its existing Overland Park branch.
The deal "represents... nearly 1,000 new Bank of Blue Valley customers," Bob Regnier, Blue Valley's chief executive, said in a news release.
After the deal, the $308 million-asset Federal Savings Bank will operate three branches in the Chicago area.