First Bancshares of Kansas City, Kan., agreed to sell a controlling stake to an investment group led by David Spehar, the former chief executive of another Kansas City community bank.

Spehar will become president and chief executive of the $78 million-asset First Bancshares, the holding company for First State Bank, according to a news release on the bank's website. First Bancshares' chairman and largest shareholder, Jack Brozman, will become vice chairman. Larry Barcus, a fellow investor of Spehar's, will be the new chairman.

Spehar was formerly president and CEO of First Community Bank, which later became part of Valley View Bancshares of Overland Park, Kan.

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