American State Bancshares, Inc., Great Bend, has reached an agreement to acquire First National Bank of Holcomb, according to Holcomb Bank President Paul Pfeifer.
“There was a short list of prospects that we contacted to see if they had an interest in purchasing our bank,” he said. “Our ownership group isn’t getting any younger and we felt it was time to let the next generation take over. This decision will be good for our customers and employees,” Pfeifer added.
“This acquisition will increase our presence in the Garden City Market and fits well with our strategic direction,” Don LacKamp, American State President and CEO said. American State is a Kansas banking company that has three other bank charters and 14 locations in central and western Kansas. Assets total more than $650 million and locations include Belleville, Concordia, Clyde, Great Bend, Larned, St. John, Macksville, Garden City, Rose Hill, Augusta and Wichita.
LacKamp said he was especially pleased with the American State’s strong commitment to Kansas as well as its local ownership and decision making ability.
The transaction is pending regulatory approval, but is expected to take place before  year’s end.