Union State Bank in Arkansas City, Kan., has agreed to buy the State Bank in Winfield.
The Winfield Courier reported Saturday that the two banks decided to merge in order to be more efficient and have higher lending limits. Steve McSpadden, the president of the $104 million-asset State Bank, told the Courier that a local buyer was part of the deal's appeal for his bank, which was founded in 1905.
The deal is expected to close this summer. Union State did not say how much it would pay.
William R. Docking, the chairman and chief executive officer of the $78 million-asset Union State, which was founded in 1908, told the Courier that all employees at both banks would keep their jobs.
Mr. Docking would be its chairman and CEO, and Mr. McSpadden would be its president.
