THE PEOPLES BANK TO ACQUIRE
THE SMITH COUNTY STATE BANK AND TRUST COMPANY
February 11, 2008 --- The Smith County State Bank and Trust Company, with banks in Smith Center and Lebanon, Kansas, has entered into a definitive agreement to be acquired by The Peoples Bank, a Kansas state banking company with its main office in Pratt, Kansas.
Under the terms of the agreement, the holding company for The Peoples Bank is to acquire all of the common stock of the holding company of The Smith County State Bank and Trust Company. The transaction has been approved by the boards of directors of both holding companies. The acquisition is subject to customary conditions, including the approval of bank regulatory authorities.
Murray D. Lull, President of The Smith County State Bank and Trust Company, commented, “My family is excited to see the bank that we have been a part of for a century become a part of a family and employee owned bank with a very similar approach to banking and a great appreciation for our way of life in rural Kansas. The Peoples Bank is fully committed to community banking, emphasizing personal relationships with agricultural, individual family, business, trust, and investment clients.
The Smith County State Bank and Trust Company, based in Smith Center, Kansas, and founded in 1880, had total banking assets of $60 million as of December 31, 2007, and assets of $268 million managed by the bank’s trust department.
J. Porter Loomis, President of The Peoples Bank added, “It is a rare opportunity to acquire a strong bank in two resilient communities with highly trained, professional bankers. These bankers will continue to provide personalized service to Smith Center and Lebanon customers, as well as providing additional electronic banking services offered by The Peoples Bank.”
The Peoples Bank was founded May 20, 1887, in Pratt, Kansas. It operates under its original charter in its original building and uses it original name. The Peoples Bank has banking offices in Greensburg (in a temporary building pending the construction of a new building later this year), Sharon, Medicine Lodge, Kiowa, and Hardtner, Kansas. As of December 31, 2007, The Peoples Bank had total assets of $253 million, with an active Trust Department established in 1932. Since 1969, The Peoples Bank has processed its banking business with its own computer systems, offering secure electronic services to its customers in a user friendly environment.
“We are pleased that both banks share a common goal of serving our customers, our stockholders, our employees, and our respective communities as we continue to build an exceptional community bank offering superior customer service across rural Kansas,” said Mr. Loomis.
The transaction is expected to close in the second quarter of 2008.
Contact for The Smith County Bank and Trust Company:
Murray D. Lull, President at 785.282.6682
Contact for The Peoples Bank
J. Porter Loomis, President at 620.672.5611