BUTLER and GARDEN CITY, Missouri, December 28, 2020 – Community First Bank, Butler, Missouri, and Lead Bank, Garden City, Missouri, jointly announced today that the two banks have signed a definitive agreement for Community First Bank to purchase from Lead Bank its branch located at 200 North Third Street, Garden City, Missouri 64747, and to acquire certain assets and assume certain liabilities associated with that branch location. As part of the transaction, Community First Bank will acquire deposit accounts totaling approximately $41 million as of September 30, 2020, as well as $25.6 million in loan balances as of September 30, 2020.
The branch location at 200 North Third Street in Garden City is the only branch location of Lead Bank to be acquired by Community First Bank in this transaction. Community First Bank and Lead Bank will work together to provide a seamless transition for the Garden City customers of Lead Bank. The branch transaction has been approved by the board of directors of each bank and is subject to certain closing conditions, including approval by the required regulatory authorities. The parties expect to complete the transaction in the second quarter of 2021. In connection with the transaction, Lead Bank will, subject to receipt of the required regulatory approval, designate its Kansas City branch as its new main office.
“We are excited to expand our branch network into the Garden City market,” noted Seth Black, President & Chief Executive Officer of Community First Bank. “The Garden City branch at 200 North Third Street will provide an opportunity to serve a new customer base and enhance our ability to serve our existing customers in Bates and St. Clair counties. We intend to retain the majority of the existing employees at the branch, as they will make the transition as easy as possible for our new customers coming from Lead Bank.”
“Lead Bank has been proud to serve the Garden City community since 2005, although the history of the bank reaches back to 1928. Throughout that time, the people of the bank have worked hard to be an asset for the community helping residents, farms, and businesses to prosper,” says Josh Rowland, Vice Chairman and CEO of Lead Bank. “We are pleased to have partnered with Community First Bank, a bank that shares a similar mission to Lead Bank’s – consistently focusing on the well-being of the community. This common foundation and alignment of core values should make the transition seamless and benefit the greater Garden City community, clients and employees.”
Nate Van Emon and Greg Johnson of Stinson LLP served as legal counsel for Community First Bank. Bob Fegtly of DD&F Consulting Group provided M&A consultation for Community First Bank. Bob Wray of The Capital Corporation provided M&A consultation for Lead Bank. Beth Whitaker and Marysia Laskowski of Hunton Andrews Kurth LLP served as legal counsel for Lead Bank.
About Lead Bank
Lead Bank is a community-minded, independent commercial bank, recognized for its innovative approach to community banking and unique banking solutions that allow real people, real businesses, and their communities to thrive. Serving communities with treasury management and lending services, consumer client products, digital consumer banking, and innovative financial technology services, Lead Bank is the first choice for those looking for a future banking partner. Headquartered in Missouri, yet serving clients digitally throughout the United States, Lead Bank is known for being a small business advocate, having outstanding client service and creating financial pathways for those who, in the past, have been financially unhealthy. Lead Bank is a 2020 member of the Global Alliance for Banking on Values (GABV), an international network of banking leaders worldwide committed to advancing positive change in the banking sector. For additional information, call (816) 220.8600 or visit http://www.lead.bank/.
About Community First Bank
Community First Bank is a locally-owned, community-focused, full-service bank that has been proudly serving the local communities of West-Central Missouri since 1997. Community First Bank provides all the perks of modern financial services with the reliability of the “hometown” banking that customers have come to expect and deserve. Community First Bank takes banking seriously and, as fellow members of the community, know the importance of an efficient, welcoming and accessible banking experience. For additional information, call (660) 679.3135 or visit www.communityfirstbank.net