Gold Banc Corp., Leawood, Kan., announced it has deals to buy two Kansas community banks for $12.9 million in cash and stock.
The banking company said it would buy Farmers State Bancshares, Sabetha, Kan., for $8.5 million in cash and Tri-County Bancshares, Washington, Kan., for $1.73 million in cash and $2.7 million of stock. The deals, which are expected to close during the third quarter, would add about $92.5 million of assets to Gold Banc, a $566 million-asset bank holding company. The acquisitions would strengthen Gold Banc's presence in eastern and northeastern Kansas and fit its strategy of buying banks with the No. 1 or No. 2 market position in a county seat, said Michael W. Gullion, Gold Banc president and chief executive officer.
Combined with Citizens State Bank of Seneca, Kan., another Gold Banc subsidiary, the Farmers merger would give Gold Banc control of one-third of the deposits in Nemaha County. The Tri-County deal would give Gold Banc the No. 2 market position in Washington County and the No. 3 spot in neighboring Cloud County.