On Wednesday, Bank VI in Salina announced that it had been acquired by Plains Bancshares, the parent company of Plains State Bank from Plains, Kan.
In the agreement, Plains Bancshares will acquire all of the outstanding shares of Sixth Bancshares, the holding company of Bank VI.
The current management team of Bank VI is expected to 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, approvals of Sixth Bancshares stockholders and the satisfaction of customary closing conditions.
Plains State Bank currently has three Kansas locations in Plains, Great Bend and Lakin; while Bank VI has two locations in Salina at 1900 S. Ohio and 2101 E. Crawford.
Following the completion of the transaction, The Plains State Bank is expected to have approximately $214 million in total bank assets.