Platte Valley Bank has been acquired by Central Bancompany, which operates in the Kansas City area as Central Bank of the Midwest.
Under the terms of the merger agreement announced late last week, Platte Valley Bank will be merged into Central Bank of the Midwest, headquartered in Lee’s Summit, subject to the receipt of all required state and federal regulatory approvals, the approval of Platte Valley Bank’s shareholders and the satisfaction of customary closing conditions.
Central Bank also acquired BankLiberty earlier this year.
Founded in 1906 in Waldron, Platte Valley Bank’s nine locations span three counties serving Dearborn, Smithville, Liberty, Parkville, Kansas City North, Plattsburg and Gladstone. It is a full-service community bank with almost 180 employees, offering deposit, loan and investment services for businesses, families and individuals.
“We purchased First State Bank of Dearborn, Missouri (now Platte Valley Bank) in 1976 from the Skinner family,” said Platte Valley Bank vice chair E.L. Burch. “We are proud of what PVB has become and how it has given back to the community in the past 43 years. We are pleased to turn it over to a great organization like Central Bancompany. We believe they will carry on our traditions and commitment to our community. We are grateful to our wonderful employees that have worked by our sides and supported us. They are a special part of our PVB family and helped us achieve our success.”
According to Platte Valley Bank co-CEOs Kyle Burch and Doug Gutshall, giving back to the community is a basic bank service, reinforcing the belief that a strong community makes a strong bank. They said they look forward to continuing Platte Valley Bank’s 110-year legacy of financial partnership in the Northland.
“We’re excited about the opportunity to further expand our footprint in the Northland,” said Bill Ferguson, president and CEO of Central Bank of the Midwest. “Platte Valley Bank’s rich history and heritage in those communities is a perfect complement to the Central Bank family.”
The addition of nine Platte Valley branches in the Northland will bring the total number of Central Bank of the Midwest branches to 54, reaching 28 communities across greater Kansas City and Lawrence. Upon completion of the acquisition, expected in the fourth quarter of 2019, customers of Central Bank of the Midwest will have access to more than 160 branches and a nationwide network of ATMs.
Central Bancompany is a more than $13 billion, Missouri-based bank holding company with 13 full-service community banks and more than 250 locations in 78 communities serving consumers and businesses in Missouri, Kansas, Illinois, Oklahoma and Colorado. The Central Bancompany family of banks are The Central Trust Bank, Central Bank of Boone County, Central Bank of Lake of the Ozarks, Central Bank of Moberly, Central Bank of the Ozarks, Central Bank of Warrensburg, Central Bank of Audrain County, Central Bank of St. Louis, Jefferson Bank of Missouri, Central Bank of the Midwest, Central Bank of Oklahoma, Central Bank of Branson, and Central Bank of Sedalia.
For more information, visit www.centralbank.net.