Plains Bancshares, Inc. to acquire Sixth Bancshares, Inc.
By | March 14, 2018
Plains, KS and Salina, KS -- Plains Bancshares, Inc. (“Plains Bancshares”) parent of The Plains State Bank and Sixth Bancshares, Inc. (“Sixth Bancshares”) parent of BANK VI announced today the execution of a definitive agreement under which Plains Bancshares will acquire all of the outstanding shares of Sixth Bancshares, the holding company for BANK VI, KS (“BANK VI”).
BANK VI is a $107 million asset community bank headquartered in Salina, KS. BANK VI is a state chartered bank and currently operates two banking locations in Salina. The current management team will join Plains State Bank’s management team ensuring the continued commitment to the Salina market and supporting the merged company’s strategic plan that includes community banking facilities in western Kansas.
The transaction has been unanimously approved by each company’s board of directors and is expected to close in mid-2018, subject to regulatory approvals, the approval of Sixth Bancshares stockholders and the satisfaction of customary closing conditions.
“The merger of BANK VI brings asset diversity and provides great opportunity for Plains State Bank’s funding resources to be maximized by working together, said D. Gene Dikeman, President and Chief Executive Officer. We are excited to have Chris Baker, EVP join our organization with an expanded role in this new partnership. BANK VI will continue its community investment in Salina and the contiguous counties to Saline County.”
Following completion of the transaction, The Plains State Bank is expected to have approximately $214 million in total bank assets.
Tom Wilbur, the Chairman of Sixth Bancshares, Inc. stated, “The merger of our institutions will provide a solid base from which to build a stronger banking franchise, committed to serving people financially across Kansas. We are excited about the potentials this provides in the sharing of our expertise in various areas of lending, and the ongoing improvements we will be able to make in the delivery of all of our products and services.”
Daniel F. Clawson, Chairman of Plains Bancshares, Inc. said, “The merger is not only a fit from a balance sheet perspective but of our company’s values and vision of future growth. Banking is a changing business and community banking is about relationships working together to ensure a way of life we all cherish. We look forward to this opportunity to work with the people in this community.”
About Plains Bancshares, Inc.: Plains Bancshares, Inc. is the parent company of The Plains State Bank (“The Plains State Bank”). The mission of The Plains State Bank is committed to providing high quality financial services to our trade territory while maintaining the highest standards of integrity, customer service and professionalism. The Plains State Bank’s vision is a community bank with employees and directors dedicated to safe, sound and ethical growth while delivering meaningful value and results for customers and shareholders. The Plains State Bank was chartered in 1906 by the Collingwood family and today has assets of $107 million. The Plains State Bank is a community-focused organization that provides financial services through a network of three banking locations in central and western Kansas communities. More information about The Plains State Bank is available on its website at www.plainsstatebank.com.
About Sixth Bancshares, Inc.:Sixth Bancshares, Inc. is the parent company of BANK VI, in Salina. Sixth Bancshares, Inc. was founded in 2005 by area investors for the specific purpose of providing a broad range of competitive banking services to the people of central Kansas. The bank has core strengths in commercial and real estate lending and has a dedicated team of valued employees. BANK VI has demonstrated ongoing community support to the region and has seen significant growth over the past few years. You can learn more about BANK VI, at www.banksix.com.
D.A. Davidson & Company acted as financial advisor and Stinson Leonard Street LLP served as legal advisor to Plains Bancshares. D.A. Davidson & Company acted as financial advisor and Morris Laing Evans Brock & Kennedy, Chtd. served as legal advisor to Sixth Bancshares.