Wamego, Kan.-based Wamego Bancshares Inc. is seeking to acquire 100% of the voting shares of Saint Marys, Kan.-based St. Marys State Bank, according to the Federal Reserve's website.
Terms of the deal were not disclosed. For reference, however, SNL valuations for bank and thrift targets in the Midwest between March 21, 2017, and March 21, 2018, averaged 161.02% of book, 167.14% of tangible book and had a median of 20.33x last-12-months earnings, on an aggregate basis.
Wamego Bancshares is the parent of Bank of the Flint Hills, which had $205.4 million in assets as of Dec. 31, 2017, SNL data shows. St. Marys State Bank, a unit of PCI Holdings Inc., had $95.8 million in assets as of the same date. In Kansas, Wamego Bancshares will enter Shawnee County with one branch, to be ranked No. 20 with a 0.24% share of approximately $4.46 billion in total market deposits. It will expand in Pottawatomie County by one branch, where it will rank first with a 33.62% share of approximately $620.60 million in total market deposits.
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