The State Bank of Conway Springs said Friday that it will be acquired by Vintage Bank Kansas.
Officials from the $30million bank that operates one office in Conway Springs expect the acquisition to be completed before the end of the year, pending regulatory approval.
Vintage Bank is a $16million bank based in Leon in eastern Butler County, and it operates a branch in northeast Wichita at 10500 E. Berkeley Square Parkway.
Steve Worrell, president and CEO of Vintage Bank, said Friday that once the transaction is complete, the Conway Springs bank will be renamed Vintage Bank. No other changes are planned post-acquisition, he said, other than the addition of a couple of new products.
“It should be business as usual for customers of the State Bank of Conway Springs,” Worrell said. “We’re just now a new, combined, better organization. We can grow better with customers this way.”
He said Vintage Bank was looking for potential acquisitions and “this is one that came to us. They are a community bank and that’s what we are trying to be, a community bank.”
Worrell also said the deal will double the bank’s legal lending limit. “It will bring opportunities to both banks,” he said.
The State Bank of Conway Springs was established in 1884 and was acquired by its current ownership group in 1974.
David Young, chairman of the bank, said the ownership group had been together for 39 years and “39 years ago I was the youngest one of all my partners.”
“It has been a great run for us, but it was just time,” said Young, who has been chairman of the bank since 1998 and was its president before that. “The past four or five years we have been looking for a new owner that would fulfill the same philosophy we’ve had down there for all these years, and we think we found it.”
He added: “Talking about his philosophy in banking and his experience in banking, we felt real comfortable with Steve (Worrell).”
Vintage Bank is the former State Bank of Leon and was renamed after Wichita oilman Wink Hartman acquired it in 2010.
Vintage Bank and Winfield-based CornerBank attempted a merger in 2012 but jointly called off the deal four months after announcing it.