Gold Banc, announced plans to expand into Oklahoma by buying Citizens Bancorp. for $56 million in stock.
Gold plans to exchange 149.33 shares of its stock for each outstanding share of Tulsa-based Citizens, a privately held bank holding company with $233 million of assets. The deal is expected to be accretive to Gold's 1998 earnings and is scheduled to close during the fourth quarter.
The deal would push Gold above the $1 billion-asset mark. The company has tripled its assets in two years, mainly through small bank acquisitions in Kansas and Missouri.
The Citizens deal is Gold's second acquisition deal announcement this week. Gold unveiled plans Monday to buy Trust Co., St. Joseph, Mo., in a stock swap valued at $4.3 million.
Trust Co., a privately held firm, provides trust services and maintains personal employee benefit and charitable trust accounts for more than 1,300 Midwest customers. It manages about $250 million of trust assets.