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Wednesday, July 23, 2014

SEC document: Vintage Bancorp looking to raise $25 million in private equity

By Jerry Siebenmark
The Wichita Eagle

A newly formed, Wichita-based bank holding company is looking to raise $25 million in private equity.

That’s according to a Securities and Exchange Commission document filed this week by Vintage Bancorp., a holding company at 10500 E. Berkeley Square Parkway in northeast Wichita. It was founded by oilman Wink Hartman Sr.

So far, the company has raised $2.35 million, which is $22.65 million from its goal, the document said. It said money has been raised from 12 unnamed investors.

Minimum investment in the company is $500,000, the document said.

Last month The Eagle reported that Vintage Bancorp entered into a stock purchase agreement with Cornerstone Alliance, the holding company of Cornerbank, a $276 million-asset bank based in Winfield. Cornerbank has a Wichita branch at 12828 E. 13th St. That transaction is expected to close in August.

Officials said at the time that Vintage Bancorp would also be the holding company of Vintage Bank Kansas, a $12.6 million bank based in Leon. Hartman purchased Vintage Bank, formerly the State Bank of Leon, last year.

Hartman was unavailable for comment Wednesday. Steve Worrell, president and CEO of Vintage Bancorp and Vintage Bank Kansas, did not return messages for comment.

The SEC document does not say what Vintage Bancorp officials plan to do with the $25 million in equity capital. But it does say that the money Vintage Bancorp is seeking to raise will not be used for a merger or acquisition

Reach Jerry Siebenmark at 316-268-6576 or jsiebenmark@wichitaeagle.com.

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