First Kansas Bank has agreed to acquire Lorraine State Bank. The sale is expected to close in the first quarter of 2021 and is subject to regulatory approval.
Paul Snapp, president and CEO of First Kansas Bank commented, “We are very excited to welcome these new customers to our existing banking family. We are also delighted to welcome their exceptional staff to our team. First Kansas Bank is committed to a high level of personal service focused on the communities we serve. We believe our new customers will enjoy the convenience of our central Kansas locations in Great Bend, Hoisington, Claflin and Hays and our six ATMs along with our robust online services.”
First Kansas Bank was founded in 1900 and has grown to $210 million in total assets with capital of over $22 million.
Larry Henne, president and CEO of Lorraine State Bank said, “I believe this sale will allow our customers to receive the same friendly and personalized service they are accustomed to. I am pleased that our entire staff will have the opportunity to transition to First Kansas Bank.”
Bauer Financial Services, the nationwide bank rating agency, has given First Kansas Bank and the Lorraine State Bank its highest 5-Star rating for financial safety and soundness for many years.
First Kansas Bank is part of a group of banks owned by the Sutherland Family. They own banks in Hoisington, Salina, Emporia and Parsons with 22 locations across Kansas. Although owned by the same family, these banks operate under different names with local control. The Sutherland family also owns the Kansas City, Mo., based Sutherland Lumber Company which operates over 50 stores in 14 states, including stores in Great Bend and Dodge City.