Plains Bancshares Inc., parent of The Plains State Bank, and Sixth Bancshares Inc., parent of BANK VI, announces the completion of a merger under which Plains Bancshares has acquired all of the outstanding shares of Sixth Bancshares, the holding company for BANK VI, Kansas.
BANK VI, with $114 million in assets, transitioned to a division of The Plains State Bank on June 16. BANK VI has operated as a state-chartered Fed member bank and has two banking locations in Salina. The current management team will join Plains State Bank’s management team in ensuring a continued commitment to the Salina market and supporting the merged company’s strategic plan that includes all of Plains’ community banking facilities in western Kansas.
The transaction was unanimously approved previously by their respective holding company’s board of directors.
“The merger of BANK VI brings asset diversity and provides great opportunity for Plains State Bank’s funding resources to be maximized by working together,” said D. Gene Dikeman, president and chief executive officer. “We are excited to have Chris Baker join our organization as the market president for central Kansas and as our chief credit officer. BANK VI will continue its community investment in Salina and the contiguous counties to Saline County. The BANK VI team brings great value to this enterprise.”
Baker shares that “the newly merged entity will increase the ability for the bank to offer new products and services to clients across the state of Kansas, with increased expertise and more opportunity to serve people.”
Daniel F. Clawson, chairman of Plains Bancshares Inc., said, “The merger is not only a fit from a balance sheet perspective but of our company’s values and vision of future growth. Banking is a changing business and community banking is about relationships working together to ensure a way of life we all cherish. We look forward to this opportunity to work with the people of Kansas in an expanded way.”