Dickinson Financial in Kansas City, Mo., has consolidated several of its banks charters to cut costs and improve marketing to military members.
The $2 billion-asset company combined Armed Forces Bank of California in San Diego with Armed Forces Bank in Fort Leavenworth, Kan. The new bank, which will operate as Armed Forces Bank, will have about $1.6 billion in assets.
Additionally, Dickinson merged SunBank in Phoenix and Southern Commerce Bank in Tampa, Fla., into Academy Bank in Colorado Springs, Colo. The combined bank will have about $415 million in assets.
Dickinson also transferred 25 branches located inside Walmart stores in Kansas and Missouri from Armed Forces Bank to Academy Bank.
With the consolidation, Armed Forces Bank is a "pure-play military bank" that services active and retired military and civilian customers, the company said in a news release. Academy Bank will focus on commercial lending in Kansas, Missouri, Colorado, Arizona and Florida.