Citizens Bank & Trust and Summit Bank of Kansas City have agreed to combine operations.
Under the agreement, Citizens will take over Summit this year.
Go deeper with GlobalData
Upon the acquisition, Summit will be merged into Citizens.
Financial terms of the deal were not revealed.
Citizens tends to personal, private, and commercial banking clients, offering them banking and wealth management services.
The privately-owned bank was set up in 1889.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataSummit too offers personal and commercial banking services. It was established in 2005.
The amalgamation is said to expand Citizens’ presence into the eastern Kansas City metropolitan market.
The deal is slated to close in the second half of this year.
It is subject to regulatory and shareholder nod.
Commenting on the transaction, Summit president and CEO Rick Viar said: “The financial resources of Citizens will enable us to better serve our existing clients, and more quickly grow in Lee’s Summit and the surrounding communities.”
Citizens CEO Roger Arwood added: “Rick and his team have built a wonderful bank in an attractive market and we are looking forward to having them join Citizens.”
Mergers are currently rampant among banks in the US.
Most recently, Gateway Mortgage Group merged with Farmers Exchange Bank that resulted in the creation of Gateway First Bank.
