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Kansas-based Community Bancorp buying bank in Missouri

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Kansas-based Community Bancorp buying bank in Missouri

Chanute, Kan.-based Community Bancorp Inc. agreed to buy all the stock of Nevada, Mo.-based Shelbank Corp. and purchase its unit, Heritage State Bank, The Chanute Tribune reported Dec. 22.

The financial terms of the transaction were not disclosed in the report. The deal is subject to shareholder and regulatory approvals and is expected to close in the second quarter of 2018.

For comparison, SNL valuations for bank and thrift targets in the Midwest region between Dec. 22, 2016, and Dec. 22, 2017, averaged 157.52% of book, 162.16% of tangible book and had a median of 19.63x last-12-months earnings, on an aggregate basis.

Community Bancorp will enter Barton County, Mo., with one branch to be ranked third with a 14.8% share of approximately $256.4 million in total market deposits. It will also enter Cedar County, Mo., with one branch to be ranked fifth with a 4.96% share of approximately $303.2 million in total market deposits. The company will enter Jasper County, Mo., with one branch to be ranked No. 12 with a 0.48% share of approximately $1.8 billion in total market deposits and it will enter Vernon County, Mo., with one branch to be ranked third with a 16.95% share of approximately $333.2 million in total market deposits.

Employees of Heritage State Bank, which will merge into Community Bancorp unit Community National Bank & Trust, are anticipated to keep their jobs.

SNL data shows that as of Sept. 30, Community National Bank & Trust had $955.6 million in assets, while Heritage State Bank had assets of $139.0 million.

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