KANSAS CITY, Mo. - Bannister Bank and Trust is buying another family bank in town, Union Bank, the two announced Tuesday.
The price was not announced. Six-branch Bannister has $246.4 million of assets; seven-branch Union has $188.8 million.
Jeffrey J. Jernigan, Bannister's president and chief executive officer, he expects "to have a place" for all of Union's 80 employees, since there is no branch overlap. But Robert H. Stratton, Union's president and CEO, said he will leave after the merger, which is expected to take place in the second quarter.
Mr. Jernigan said the deal would make Bannister Kansas City's ninth-largest privately owned bank. "It's surprising how many family-owned banks there are in our community," he said.
Bannister, founded in 1965, reported nine-month earnings of $1.8 million, versus $1.3 million at Union, which was founded in 1919.