Great American Bank to merge with National Bank of Lawrence University
LAWRENCE, Kan .– (COMMERCIAL THREAD) – Lawrence, based in Kansas, First Financial Bancshares, Inc., the holding company of the Great American Bank, together “Great American”, and Lawrence, based in Kansas Lawrence Financial Corporation, the holding company of the National Bank University of Lawrence, together “UNB”, jointly announced today that they have entered into a definitive agreement under which Great American will acquire UNB.
Upon completion of the proposed transaction, the combined company will have approximately $ 347 million in total assets, approximately $ 275 million in total loans and approximately $ 281 million in total deposits based on the data. financial statements as of June 30, 2021.
“We are very excited about the proposed merger with UNB. Our companies share similar cultures that emphasize service to our customers, employees and communities. The combination of the two remaining independent banks in Lawrence will create an even stronger institution, said Les Dreiling, president and CEO of Great American Bank.
“We are proud to partner with Great American and believe the merger is an excellent choice,” said Todd Sutherland, president and president of the National Bank of Lawrence University. “The combination with Lawrence’s only other independent bank ensures that our customers will continue to receive the same local service while receiving competitive products and services provided by a larger community bank. ”
The acquisition, which is subject to customary closing conditions, including shareholder approval of Lawrence Financial Corporation and receipt of all necessary regulatory approvals, is expected to be completed in the fourth quarter of 2021.
Doug Compton, chairman of First Financial Bancshares, Inc. and chairman of Great American Bank, and Todd Sutherland, chairman and chairman of Lawrence Financial Corporation and The University National Bank of Lawrence, negotiated the terms of the merger on which the final agreement was based. The Whitlock Company served as financial advisor to Great American. The law firms of Daniel L. Watkins served as legal counsel to Great American. Olsen Palmer LLC served as financial advisor to Lawrence Financial Corporation and the National Bank of Lawrence University and issued a fairness opinion to the board of directors of Lawrence Financial Corporation. Fenimore, Kay, Harrison & Ford, LLP provided legal advice to UNB.
About First Financial Bancshares, Inc.
First Financial Bancshares, Inc. is a Kansas corporation and the banking holding company of the Great American Bank, which was founded in 2000 and has five convenient locations in four cities, including Lawrence, Kansas; De Soto, Kansas; Kansas City, Missouri; and Lake Lotawana, Missouri. With its headquarters in Lawrence, Kansas, Great American Bank had total assets of approximately $ 256 million as of June 30, 2021. Great American Bank is committed to providing its customers with old-fashioned banking services. with modern amenities, offering a wide variety of banking services. products to meet the needs of consumers as well as business customers. For more information on Great American, please visit www.grandebanque.com.
About Lawrence Financial Corporation
Lawrence Financial Corporation is a Kansas corporation and the banking holding company of the National Bank of Lawrence University, a nationally chartered bank based in Lawrence, Kansas. The National Bank of Lawrence University was founded in 1988 and operates 1 full-service branch. As of June 30, 2021, The University National Bank of Lawrence had total assets of approximately $ 92 million. For more information on UNB, please visit www.unbank.com.
No offer or solicitation
This press release is for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell or exchange securities, or a solicitation of proxy, vote or approval, and it does not There will be no such offer or solicitation in any jurisdiction in which such offer or solicitation is not permitted.