NASB Financial in Grandview, Mo., has agreed to buy Lexington B&L Financial in Lexington, Mo.
The $1.6 billion-asset NASB said in a press release Tuesday that it will pay $15.8 million, or $29.35 a share, in cash for the $119 million-asset parent of B&L Bank. The deal is expected to close by June 30.
"Although B&L Bank's name will change, our commitment to providing friendly, knowledgeable service will remain the same," Paul Thomas, NASB's chief executive, said in the release. "We believe this is a great fit, as both institutions possess a strong proficiency for providing personal attention to customers and outstanding service to their communities."
NASB was advised by Raymond James and Polsinelli. Lexington B&L was advised by RP Financial and Kilpatrick Townsend & Stockton.