American State Bancshares, Inc., the parent company of American State Bank and Trust Company, Great Bend, recently acquired First National Bank of Holcomb. American State Bank has a branch office in Garden City, so the acquisition will increase the bank’s presence in that market.
According to American State Bank President and CEO Don LacKamp, First National Bank of Holcomb will continue to operate as a standalone charter until it transitions to a branch of American State Bank sometime later next year.
LacKamp explained that from the customer’s standpoint, they will notice no change in services. It will be “business as usual”. This also gives First National a larger capital base to support future growth opportunities. American State Bancshares has a goal to become a $1 billion dollar financial company by the end of 2016, with a presence in Central and Western Kansas.
First National of Holcomb approached American State and the opportunity fit well with ASB’s strategic direction. LacKamp added that American State’s business and strategic plan calls for expansion into other rural Kansas markets when the right opportunity presents itself.
Paul Pfeifer, president of First National Bank of Holcomb, said the previous owners purchased the bank in 1993 and it was chartered 10 years earlier. American State Bancshares has more than $670 million in assets. The merger will increase bank assets to about $95 million in the Garden City area.
In addition to Garden City, American State Bancshares has banks in Augusta, Belleville, Clyde, Concordia, Great Bend, Larned, Macksville, Rose Hill, St. John and Wichita.