Independence, Kan.-based FirstOak Bank filed an application with the Federal Reserve Bank of Kansas City to merge with Fredonia, Kan.-based State Bank of Kansas.
The company is also looking to establish a branch.
Terms of the deal were not disclosed, but, for reference, SNL valuations for bank and thrift targets in the Midwest between Feb. 17, 2017, and Feb. 17, 2018, averaged 157.51% of book, 163.18% of tangible book and had a median of 18.93x last-12-months earnings, on an aggregate basis.
As of Dec. 31, 2017, FirstOak Bank, a unit of FNB Bancshares Inc., had $121.8 million in assets. State Bank of Kansas, a unit of Fredonia State Bankshares Inc., had $63.5 million in assets. FNB will enter Wilson County with one branch, to be ranked second with a 22.89% share of approximately $226.89 million in total market deposits.
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