Claremore, Okla.-based RCB Holding Co. agreed to acquire Hutchinson, Kan.-based Central Bank and Trust Co., Wellington (Kan.) Daily News reported.
The financial terms of the deal were not disclosed in the news story.
For reference, SNL valuations for bank and thrift targets in the Midwest region between March 6, 2017, and March 6, 2018, averaged 159.37% of book, 165.03% of tangible book and had a median of 19.85x last-12-months earnings, on an aggregate basis.
The transaction is subject to regulatory approval and is expected to close in the second quarter.
RCB Holding will enter Reno County, Kan., with four branches to be ranked second with a 21.27% share of approximately $1.09 billion in total market deposits. The company will also expand in Sedgwick County, Kan., by two branches to be ranked No. 30 with a 0.24% share of approximately $12.85 billion in total market deposits.
Central Bank and Trust locations will continue to operate as Central Bank and Trust until late in the first quarter of 2019.
Central Bank and Trust Chairman, President and CEO Earl McVicker will continue with RCB Holding unit RCB Bank as its Kansas market board chairman.
SNL data shows that as of the end of 2017, RCB Bank had $2.79 billion in assets. Central Bank and Trust, a unit of Central Financial Corp., had assets of $323.1 million.
D.A. Davidson's managing director of investment banking, Eugene Katz, served as financial adviser to Central Bank and Trust. C. Robert Monroe, partner at Stinson Leonard Street LLP, acted as Central Bank and Trust's legal counsel.
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