Southwest Bancorp Inc. in Stillwater, Okla., announced that it has agreed to buy Bank of Kansas in Hutchinson for $15.25 million in cash.
The deal, announced after the markets closed Friday, would give Southwest its first branches in the Hutchinson area. Southwest has an office in Wichita and another in Leawood, Kan.
The $2 billion-asset company plans to operate the $75 million-asset Bank of Kansas as a separately chartered subsidiary. Southwest owns two banks - Stillwater National Bank and Trust Co. and SNB Bank of Wichita. It has nine branches in Oklahoma and six in Texas, in addition to its Kansas offices. It also operates Healthcare Strategic Support Group Inc. and Business Consulting Group Inc.
The deal, priced at roughly two times book value, is expected to close by Sept. 30.
