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Community National Bank completes Heritage State Bank deal

Chanute, Kan.-based Community Bancorp Inc. unit Community National Bank & Trust completed its acquisition of Nevada, Mo.-based Heritage State Bank on May 31, according to a notice from the Office of the Comptroller of the Currency.

The OCC approved the deal in April following the Federal Reserve granting Community Bancorp's waiver of application to acquire Shelbank Corp., the parent company of Heritage State Bank. Shelbank was acquired by Community Bancorp on June 2.

Community Bancorp paid $16.5 million in cash to acquire Shelbank and assumed $2 million of the target's subordinated debentures, according to SNL data.