Third Quarter 2012
Great American Bank Agrees to Purchase Lone Summit Bank
Great American Bank in De Soto, Kansas has just announced an agreement to purchase Lone Summit Bank, Lake Lotawana, Missouri. Great American Bank is assuming all loans and deposits from Lone Summit Bank. The acquisition is subject to regulatory approval and is expected to close in the 4th quarter of 2012. The acquisition will increase Great American Bank’s asset size from approximately $60MM to $83MM.
Travis Hicks, President and CEO of Great American Bank in DeSoto stated, “Great American Bank is looking forward to serving the community of Lake Lotawana and continue expanding its presence in the Kansas City area. With a record of strong earnings and capital, we are well positioned to continue with this expansion.”
Great American Bank was purchased by First Financial Bancshares of Lawrence, KS in July of 2008, at the time it was a $30MM bank. In September 2009 Great American Bank acquired the former First Bank of Kansas City at 39th and Main, from the FDIC. Great American Bank has been one of the fastest growing and most profitable banks in the Kansas City market over the last 4 year period. First Financial Bancshares, Inc. is a 2 bank holding company, and also owns Lawrence Bank, which has 2 locations in Lawrence, KS. The combined banks will give First Financial approximately $155MM in consolidated assets.