Oklahoma-based RCB Bank will acquire CornerBank, according to a news release.
Based in Winfield, CornerBank has branches in seven Kansas communities – including Wichita – and all will be rebranded pending regulatory approval, according to CornerBank spokesman Mark Taylor.
The deal is expected to be finalized in late July. Financial terms have not been released.
“When RCB Bank contacted us regarding their interest, our board considered how our customers will continue to be served,” Bruce Schwyhart, CornerBank president and CEO, said in the release. “We are confident that RCB Bank will continue to provide the high level of customer service that our customers have come to expect.”
CornerBank has $280 million in assets and close to 100 employees in Kansas. With the addition of CornerBank, RCB Bank’s branch network will expand to 50 locations in Oklahoma and Kansas and will have about $2.8 billion in assets, according to the release.
“Even though RCB is a much larger bank, they still have the culture of a community bank, which is of utmost importance to us,” Schwyhart said.
CornerBank opened a Wichita branch at 10501 E. Berkeley Square Parkway last summer. RCB Bank is based in Claremore, Okla.
“Our entrance into the Kansas market in 2010 gave us an opportunity to test the waters and we have enjoyed the experience,” Roger Mosier, RCB Bank president and CEO, said in the release. “Our hometown community bank model fits well in the Kansas market and CornerBank’s similar approach makes this transaction a natural fit.”