SALINA, Kan. - A 110-year-old Kansas bank is to merge with an even older bank in what would be its first out-of-state acquisition.
The deal would combine $798 million-asset Sunflower Bank in Salina with $85 million-asset First Canyon Bankcorp. in Canyon City, Colo. the holding company for First National Bank of Canyon City.
Colorado "is growing substantially faster than Kansas," where 114-year-old Sunflower has made nine acquisitions since the end of the state's unit banking rule in 1988, said James Berglund, the president of privately held Sunflower.
"We've always been tempted to go across the border," and Canyon City "is a lovely place to be," Mr. Berglund said. "It's close to Colorado Springs and Pueblo, both of which are growing rapidly."
The deal for First Canyon, which is also privately held, was announced Aug. 9. It is expected to close in the fourth quarter.