Legacy Bank plans to acquire Alliant Bank in Sedgwick.
Frank Suellentrop, CEO of Legacy, said Alliant is a good fit for the $257 million-asset bank.
Like Colwich-based Legacy, Alliant operates in a small, bedroom community outside Wichita – Sedgwick. It’s a “fairly similar community” to Colwich in terms of population, Suellentrop said. Plus, Alliant’s home base is “just 10, 12 miles up the street from our west Wichita headquarters,” he said.
“With that customer base as well as just size and location, it makes sense for us,” he said.
Suellentrop said he’s hopeful that the transaction will close by the end of August. It will require the approval of the Kansas bank commissioner and the Federal Deposit Insurance Corp.
Suellentrop didn’t disclose the financial terms of the transaction.
According to FDIC data, Alliant had $15.2 million in assets as of March 31. The bank was founded in 1894 as Sedgwick State Bank.
Messages left for Alliant chairman Bill Freidline late Tuesday afternoon were not immediately returned.
Suellentrop said the acquisition is the first in Legacy’s 126-year history.
Besides Colwich, Legacy operates four branches in Wichita.