Kansas City, Mo.-based Dickinson Financial Corp. agreed to acquire Overland Park, Kan.-based Community Bancshares of Kansas.

The terms of the deal, which requires regulatory approvals, were not disclosed in the merger release.

SNL valuations for bank and thrift targets in the Midwest region between Dec. 16, 2015, and Dec. 16, 2016, averaged 124.82% of book, 128.59% of tangible book and had a median of 18.33x last-12-months earnings, on an aggregate basis.

Community Bancshares of Kansas unit Merit Bank will fully merge into Dickinson Financial subsidiary Academy Bank NA upon deal completion, which is expected to occur during the first half of 2017.

Merit Bank President and CEO Mark Emley will remain with Academy Bank as a market president and lead a community banking team in Johnson County, Kan.

The release said that Academy Bank has locations in Arizona, Colorado, Kansas, Missouri and Florida and has assets of more than $1 billion. Merit Bank has assets of $104 million.

Based on data compiled by SNL, Dickinson Financial Corp. II will expand in Johnson County, Kan., by two branches to be ranked No. 28 with a 0.37% share of approximately $30.52 billion in total market deposits; and it will enter Nemaha County, Kan., with one branch to be ranked seventh with a 1.62% share of about $708.1 million in total market deposits.

Merit Bank's three banking centers located in Overland Park, Olathe, Kan., and Goff, Kan., will rebrand as Academy Bank sites, but their staff will remain the same.

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