On September 24, 2018 it was announced that Derby, KS-based Verus Bank signed an Agreement and Plan of Reorganization to merge with Kingman, KS-based Citizens Bank of Kansas. Financial terms of the transaction have not been disclosed.
GLC Advisors & Co., LLC acted as the exclusive financial advisor to First Team Resources Corp. and Verus Bank in connection with the transaction.
Citizens Bank's Chairwoman, Jane Deterding, Citizens Bank's CEO, Mark Keeny, and Amy Keeny will remain majority shareholders of Citizens Bank's holding company, King Bancshares, Inc. The Chase family, who is the majority shareholder of Verus Bank through it holding company, First Team Resources Corporation, will have ownership in King Bancshares after the transaction closes.
Kevin Chase, Verus Chairman and CEO, says "We believe this is good for all involved," and he believes customers are "going to appreciate that we're partnering with another community, family-owned bank. We feel like we need to be a bigger institution to remain competitive and to take care of our customers."
Verus president Kyle Russell will be president after the merger is complete in early 2019. Citizens Bank has announced that all employees of both banks will be retained.
The Verus brand will remain in place for the time being and will be known as Verus Bank, a branch of Citizens Bank of Kansas during that time.
Verus Bank, a Kansas state chartered institution, was established in 1974 and operates five locations in Derby, Augusta, and El Dorado. Verus Bank provides a full range of deposit and loan services to its personal and business customers. At June 30, 2018, Verus Bank had $143 million in assets, $95 million in loans, and $128 million in deposits.
Citizens Bank of Kansas, a $238 million asset banking institution operates through six locations near and in the Wichita MSA including Kingman, Medicine Lodge, Winfield, and Pretty Prairie.
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