Girard, Kan.-based GNBank NA is buying First National Bank of Girard, according to a merger release dated Nov. 29 and recently obtained by S&P Global Market Intelligence.
The cash deal is expected to close in spring 2019, according to the report. No financial terms were provided, but SNL valuations for bank and thrift targets in the Midwest region between Nov. 27, 2017, and Nov. 27, 2018, averaged 155.26% of book, 161.36% of tangible book and had a median of 22.94x last-12-months earnings, on an aggregate basis.
First National had $79.7 million in assets at Sept. 30 and operates one branch, according to S&P Global Market Intelligence data, while GNBank had $628.7 million in assets and 15 branches. GNBank is a unit of GN Bankshares Inc. and First National is a unit of Mid-America Bancshares Inc. The buyer will expand in Crawford County, Kan., by one branch to be ranked first with a 31.1% share of approximately $769.93 million in total market deposits, according to S&P Global Market Intelligence data.
The banks do not plan any branch closures or layoffs, according to a report in Kansas publication The Morning Sun.