Jefferson City, Mo.-based Central Banco. Inc. agreed to acquire Platte Valley Bank of Missouri.
The acquisition is expected to be completed in the fourth quarter. The financial terms of the transaction were not disclosed in the news release.
Under the terms of the deal, Platte Valley Bank of Missouri will be merged into Central Banco.'s affiliate bank, Central Bank of the Midwest. Lee's Summit, Mo.-based Central Bank of the Midwest is anticipated to have combined assets totaling $2.9 billion at deal completion.
S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Sept. 25, 2018, and Sept. 25, 2019, averaged 146.50% of book and 150.45% of tangible book and had a median of 16.55x last-12-months earnings, on an aggregate basis.
Central Banco. will expand in Platte County, Mo., by four branches to be ranked first with a 27.27% share of approximately $1.73 billion in total market deposits. It will also expand in Clay County, Mo., by four branches to be ranked second with an 11.10% share of approximately $3.96 billion in total market deposits. The deal will also enable the company to enter Clinton County, Mo., with one branch to be ranked third with a 10.20% share of approximately $290.89 million in total market deposits.
Central Banco. has assets of more than $13 billion, while Platte Valley Bank of Missouri has assets of $600 million, according to the news release.
Platte Valley Bank of Missouri, which is based in Platte City, is a unit of Platte County Bancshares Inc.
To use S&P Global Market Intelligence's branch analytics tools to compare market overlap, click here. To create custom maps, click here.

