WICHITA — American State Bancshares of Wichita announced that its Board has decided to merge its two independently chartered banks, American State Bank of Great Bend and Rose Hill Bank. The announcement was made by American State Bancshares Charmain Lee Borck.
The Rose Hill banks will be absorbed into the operations of American State Bank & Trust, an independently chartered subsidiary of American State Bancshares led by President and CEO Greg Quarles. The new headquarters will be located in Wichita. The combined entity will operate branches in Wichita, Augusta, Rose Hill, Salina, Great Bend, Belleville, Clyde, Concordia, Macksville, Larned, St. John, Garden City and Holcomb.
The acquisition will bring the consolidated assets of American State Bank & Trust to $675 million. The merger, which is subject to regulatory approval, is expected to be completed by the end of July.
“I am extremely pleased to announce this merger which will create the 15th largest bank in the State of Kansas,” said Quarles. “The merger will allow us to focus our combined talents and resources to compete in these important markets. It will also enhance our comprehensive strategy to develop innovative and affordable banking products and services and streamline our operating model.”