Valley View Bancshares in Overland Park, Kan., is planning to discontinue its longstanding practice of having multiple bank charters.
The $3.2 billion-asset company has applied with the Federal Deposit Insurance Corp. to merge its seven banks under a single charter, according to the Kansas City Business Journal. The banks will be consolidated into the $849 million-asset Security Bank of Kansas City, which is Valley View's second-largest bank.
Security would absorb the Valley View State Bank, Mission Bank in Mission Kansas, First Bank of Missouri in Gladstone, Mo., Bank of Lee's Summit, Industrial State Bank and Citizens State Bank of Paola.
The banks have been operating as BankAbility Network since 2007.
The company believes the time is right to "consolidate the brand and let the market know that we are one of the largest banking institutions" in Kansas City, Jim Lewis, Security Bank's chief executive, told the Kansas City Business Journal.
Other banks, including Zions Bancorp. and Glacier Bancorp, have consolidated charters in recent years.