Vintage Bancorp, in Leon, Kan., on Wednesday canceled its deal for CornerBank, in Winfield, Kan.
Vintage, the newly created holding company of the $14 million-asset Vintage Bank Kansas, had been seeking to raise $25 million since April, the Wichita Business Journal reported. Vintage is controlled by Wink Hartman, a Wichita entrepreneur who acquired a 90% stake in the bank in 2011 and has been looking for ways to expand it since then.
Leaders of both companies said that the deal could be re-evaluated.
"Given the passage of time and specific requirements detailed in the agreement, both CornerBank and Vintage agreed it was in both parties' best interest to terminate the agreement," Steven C. Worrell, the president of Vintage, said in a news release. "Both parties see the benefits of continuing to review options that make sense to all concerned."
"We have not closed the door on working out a mutually agreeable solution," Bruce Schwyhart, the president of the $270 million-asset CornerBank, said in the release.
The two companies began discussing a merger in 2011 and announced the stock transaction in March.