Central Bancompany Inc., based in Jefferson City, Mo., has agreed to acquire Liberty Bancorp Inc., the holding company for BankLiberty in the Kansas City suburb of Lee’s Summit, Mo. Under the terms of the merger agreement, BankLiberty will also be merged into Central Bancompany’s affiliate bank, Central Bank of the Midwest, also headquartered in Lee’s Summit.
Under the terms of the definitive agreement, Liberty common shareholders will receive $42 in cash for each share of Liberty common stock they own. Liberty option holders will also receive cash equal to the difference between $42 per share and the exercise price of their in-the-money options. The aggregate deal value is $103.7 million.
“We are excited to join Central Bank of the Midwest and continue our longstanding commitment to community, with greater resources and financial services for our existing customers and employees, as part of the Central Bank family in the Northland,” Brent Giles, president and CEO of Liberty, said.
Bill Ferguson, president and CEO of Central Bank of the Midwest, said, “This opportunity allows us to expand our footprint north of the river in Kansas City, an area we have wanted to be in for some time.”
At the closing of the transaction, it is anticipated that Central Bank of the Midwest will have combined assets totaling $2.3 billion, with $1.7 billion in loans and $1.9 billion in deposits. The addition of 13 branches in the Northland and Independence areas will bring a total number of Central Bank of the Midwest branches to 46, reaching 25 communities across Greater Kansas City and Lawrence, Kan.
The transaction is expected to be completed in the third quarter.