Central Bancompany Inc. of Jefferson City, Mo., plans to acquire the $280 million-asset Metcalf Bancshares Inc. of Overland Park, Kan., for $75 million in cash.
Buying Metcalf would add five Kansas branches to the $7.8 billion-asset Central's network.
"Metcalf is a great franchise that will significantly enhance our operations in the greater Kansas City area," Bryan Cook, Central's president, said in a press release Friday.
Central, a multibank holding company, has 93 branches in Missouri, three in Oklahoma, and one in Illinois.
Metcalf would retain its name and its management team. It was put on the block in December after the death of Bart Cohen, its vice chairman and general counsel, whose father had founded the company in 1962.
Since that time a number of large banking companies, including the $9.2 billion-asset UMB Financial Corp. of Kansas City, Mo., the $15.2 billion-asset Commerce Bancshares Inc. of Kansas City, and the $18 billion-asset BOK Financial Corp. of Tulsa, made bids for Metcalf.
"We believe this is a good fit for our employees, customers, and this community, as well as an excellent outcome for our shareholders," Ben Craig, Metcalf's chairman, said in a press release.
The deal is expected to be completed within the next four months.
