Two small Kansas banks that have been discussing a merger for much of the past year have finally pulled the trigger on a deal.
Vintage Bancorp Inc., the newly created holding company for Vintage Bank, said Monday that it has a deal to buy the much-larger CornerBank in Winfield.
In a news release, Vintage said that its president, Steven C. Worrell, had been in talks with CornerBank President Bruce Schwyhart about a business combination for much of the past year. Vintage's primary owner, Wink Hartman, is a Wichita entrepreneur who had been interested in growing the bank since he acquired a 90% stake in it last year, said Steve Worrell, the president of Vintage Bancorp.
Vintage Bank was known as State Bank of Leon from its founding in 1902 until the start of this year. It has one branch and $14 million of assets. CornerBank was founded in 1872 as the First National Bank of Winfield — it changed its name in 1998 — and has $275 million of assets and has eight full-service branches in seven communities in south central Kansas.
Though it is significantly smaller than CornerBank, Vintage is the buyer in the deal. A sale price was not disclosed.
The companies did not say when the deal would close, but once it is completed CornerBank would retain its name operating under the Vintage Bancorp umbrella.
The deal is at least the third in Kansas announced so far this year. In January, Landmark Bancorp Inc. in Manhattan, Kan., said it would buy Wellsville Bancshares Inc., and First National Bank of Wellington announced plans to acquire Caldwell State Bank.