Kansas City, Mo.-based CCB Financial Corp., the holding company for Country Club Bank, agreed to acquire Olathe, Kan.-based Bank of the Prairie.
The deal is expected to be completed in early 2020. Financial terms of the transaction were not disclosed in a news release.
S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Oct. 17, 2018, and Oct. 17, 2019, averaged 151.98% of book and 157.38% of tangible book and had a median of 16.37x last-12-months earnings, on an aggregate basis.
Bank of the Prairie will continue to operate as a standalone bank until operations are unified in the second quarter of 2020. Under the agreement, Country Club Bank will acquire Bank of the Prairie's two Olathe financial centers.
CCB Financial will expand in Johnson County, Kan., by two branches to be ranked No. 14 with a 3.01% share of approximately $20.91 billion in total market deposits.
As of June 30, Country Club Bank had about $1.40 billion in assets, while Bank of the Prairie, a unit of Prairie Star Bancshares Inc., had about $142.9 million in assets, according to S&P Global Market Intelligence data.