Leawood, Kan.-based Gold Banc has agreed to acquire Northwest Bancshares, Colby, Kan., for $2.95 million in stock.
Gold Banc would exchange 28 of its own shares for each share of Northwest, the privately held holding company for $21.4 million-asset Peoples State Bank. The acquisition is expected to close during the third quarter.
The deal is the third this year for $655 million-asset Gold. Like the others, it fits with Gold's strategy of acquiring in county seats.
Michael W. Gullion, Gold's president and chief executive officer, said Northwest's home, the seat of Thomas County, is a major trade center for the area. The acquisition would give Gold the No. 4 market position in the county and boost its profile in northwest Kansas, where it began expanding last year.