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Guaranty State Bank & Trust to buy Jamestown State Bank

Beloit, Kan.-based Guaranty State Bank and Trust Co. seeks to buy certain assets and assume certain liabilities of in-state peer Jamestown State Bank.

Financial terms of the deal were not disclosed.

SNL valuations for bank and thrift targets in the Midwest region between Oct. 31, 2017, and Oct. 31, 2018, averaged 155.51% of book, 161.67% of tangible book and had a median of 20.50x last-12-months earnings, on an aggregate basis.

In conjunction with the acquisition, Jamestown State Bank's Randall office will be closed, according to a merger application recently obtained by S&P Global Market Intelligence.

As of Sept. 30, Jamestown State Bank had $17.4 million in assets, while Guaranty State Bank and Trust had $272.8 million in assets, according to S&P Global Market Intelligence data.

SNL is owned by S&P Global Market Intelligence.