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GLC Advisors & Co., LLC acted as the exclusive financial advisor to Verus Bank in its sale to Citizens Bank of Kansas

September 24, 2018

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.

GLC Advisors & Co. - Financial Services Group

GLC’s Denver-based Financial Services Group has 35+ years of collective M&A experience in the Financial Services Industry while completing 80+ successful transactions and financing engagements and 90+ valuations and strategic advisory assignments. The team has been consistently ranked as one of the most active M&A groups in the nation by SNL Financial LC and frequently speaks at industry conferences and conventions, including state banking associations.


GLC Advisors & Co. delivers objective, senior-level expertise to clients through a variety of advisory assignments including: M&A, financing/debt advisories, restructurings/recapitalizations, fairness opinions, and valuations. Offices are located in New York, San Francisco, and Denver. 

GLC Advisors is affiliated with GLC Investment Advisors, an investment firm that provides debt and equity capital for leveraged buyouts, strategic acquisitions, recapitalizations and growth financings for middle market companie


Adam C. Fiedor  /  Managing Director  /  /  303.479.3845
Michael D. Richter  /  Managing Director  /  /  303.479.3844
Mike P. Fleschner  /  Vice President  /  /  303.479.3846
Bradley J. Hale  /  Analyst  /  /  303.479.3851

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