Merger creating Impact Bank completed Monday
04/02/2012 5:00 AM
04/02/2012 11:25 PM
Bob Leftwich has been at First National Bank in Wellington since 1977.
So it’s understandable that when he was leaving a voice mail message Monday he identified himself as being “… with First National — hey, it’s Impact Bank, now.”
Leftwich is president and CEO of Impact Bank, created by the merger of First National and Caldwell State Bank, which was completed Monday.
Financial terms of the merger were not disclosed.
The merger creates the largest bank in Sumner County, one of the four counties making up the Wichita Metropolitan Statistical Area. The merger created a $130 million-asset bank, with two full-service branches, four ATMs and 33 employees.
It further solidifies the former First National’s dominance in Sumner County, where before the merger First National held the top spot for most deposits out of 13 banks, according to Federal Deposit Insurance Corp. data.
The bank will retain its focus on agricultural lending, which was the focus of both banks before the merger.
“That will remain consistent,” Leftwich said.
He said the merger, announced in January, was prompted by family shareholders in both banks. The Stewart and Carr families held shares in Caldwell State Bank and First National Bank, he said.
“We look at this as a consolidation of two banks that were running parallel with each other,” he said. “We were basically sister banks and have been for many years.”
Leftwich said the name change in conjunction with the merger gives “us the impetus to move into the future.”
With the merger, the bank will be owned by First Financial Corp., a financial services company established in 1984 that was the holding company of First National. John Stewart III is First Financial’s CEO and David Carr is president.
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