Central Banco. in Jefferson City, Mo., has agreed to buy 21st Century Financial Services Co. in Tulsa, Okla., for about $66.1 million in cash, or $100 per share.
The seller is the parent company of ONB Bank & Trust Co., which has $416.5 million of assets and five offices. Central, with $7 billion of assets, is the holding company for 12 community banks in Missouri and one in Tulsa, it said in announcing the deal late Tuesday.
Once the deal closes, ONB would continue to operate under a separate bank charter as a subsidiary of Central. Tom Bennett Jr., ONB's chairman and chief executive officer, and Mike Bezanson, its vice chairman and president, would keep these posts.
Mr. Bennett said that under Central's ownership, ONB aims to reach $1 billion of assets within 10 years, adding about one branch per year in Tulsa, Oklahoma City, or other growth markets in the state.
Bryan Cook, Central's president, said ONB has been the fastest-growing new bank in Oklahoma history since opening in January 2000 and that he expects this pace to continue.
The deal is expected to close in the second quarter.
