Jefferson City, Mo. – Central Bancompany, Inc., (“Central”) has entered into a definitive merger agreement pursuant to which it will acquire Platte Valley Bank of Missouri. Under the terms of the merger agreement, Platte Valley Bank will be merged into Central Bancompany’s affiliate bank, Central Bank of the Midwest, headquartered in Lee’s Summit, Missouri, subject to the receipt of all required state and federal regulatory approvals, the approval of Platte Valley Bank’s shareholders and the satisfaction of customary closing conditions.
E.L. Burch, Vice Chairman, shared, “We purchased First State Bank of Dearborn, Missouri (now Platte Valley Bank) in 1976 from the Skinner Family. We are proud of what PVB has become and how it has given back to the community in the past 43 years. We are pleased to turn it over to a great organization like Central Bancompany. We believe they will carry on our traditions and commitment to our community. We are grateful to our wonderful employees that have worked by our sides and supported us. They are a special part of our PVB Family and helped us achieve our success.
Kyle Burch and Doug Gutshall, Co-CEOs of Platte Valley stated, "To us, giving back to the community is banking 101. It's not only the right thing to do, it reinforces our belief that a strong community makes a strong bank. We are excited to join the Central Bank family’s longstanding commitment to community and continue a 110-year legacy of financial partnership in Northland."
Bill Ferguson, President and CEO of Central Bank of the Midwest said, “We’re excited about the opportunity to further expand our footprint in the Northland. Platte Valley Bank’s rich history and heritage in those communities is a perfect complement to the Central Bank family. Our expanded footprint will combine nearly 300 years of demonstrated financial strength and community spirit to the Northland. We’re looking forward to what we’ll do together in the next 100 years.
At the closing of the transaction, it is anticipated that Central Bank of the Midwest will have combined assets totaling $2.9 billion, with $2.1 billion in loans and $2.4 billion in deposits. The addition of 9 Platte Valley branches in the Northland areas will bring the total number of Central Bank of the Midwest branches to 54, reaching 28 communities across Greater Kansas City and Lawrence.
Upon completion of the acquisition, expected in the fourth quarter of 2019, customers of Central Bank of the Midwest will have access to more than 160 branches and a nationwide network of ATMs under the dogwood logo and through the MoneyPass network.
About Central Bancompany
Central Bancompany is a more than $13 billion, Missouri-based bank holding company with 13 full-service community banks and more than 250 locations in 78 communities serving consumers and businesses in Missouri, Kansas, Illinois, Oklahoma, and Colorado. The Central Bancompany family of banks are The Central Trust Bank, Central Bank of Boone County, Central Bank of Lake of the Ozarks, Central Bank of Moberly, Central Bank of the Ozarks, Central Bank of Warrensburg, Central Bank of Audrain County, Central Bank of St. Louis, Jefferson Bank of Missouri, Central Bank of the Midwest, Central Bank of Oklahoma, Central Bank of Branson, and Central Bank of Sedalia. Affiliate companies include Central Trust Company, Central Technology Services, Central Investment Advisors, Central Mortgage Company, and Central Travel. For more information, visit www.centralbank.net.
About Platte Valley Bank
Founded in 1906 in Waldron, MO, Platte Valley Bank’s nine locations span three counties serving the communities of Dearborn, Smithville, Liberty, Parkville, Kansas City North, Plattsburg and Gladstone. It is a full-service community bank offering deposit, loan and investment services for businesses, families and individuals. With assets of $600 million and nearly 180 employees, Platte Valley Bank has been named one of the strongest midsize banks in Kansas City by the Kansas City Business Journal every year since 2014.