Pending nods from the Kansas State Bank Commissioner and the Federal Reserve Board, Great Bend-based American State Bank will merge with First National Bank of Holcomb in Holcomb, said Don LacKamp, president and CEO of the holding company American State Bank Shares and vice-chairman of American State Bank and Trust.
However, LacKamp said the approval process should be merely a formality since American State has owned the Holcomb institution via its holding company since December 2012. The merger is really just a name change for First National.
The deal should be completed by July 18.
“We intend to keep the existing staff at the Holcomb facility,” LacKamp said. It will merely become a branch of ASBT.
American State has operated a branch in Garden City since 2005. Since Holcomb is just a few miles from Garden City in Finney County, the two banks will be overseen by a single manager.
“There was quite a lot of overlap with our Garden City market, so the merger just made sense,” LacKamp said. “This will give us a great deal more of a market share in the Garden City area.”
Customers of both banks will now be able to conduct business at both locations. “It will be more convenient,” LacKamp said.
The move gives American State $90 million in assets in the Garden City area. It brings the bank’s total assets to about $675 million.
In addition to Great Bend and Garden City, American State owns the Rosehill Bank in Rosehill and the Peoples’ Exchange Bank that serves the Belleville and Concordia area.
According to a legal notice published in the April 30 issue of the Great Bend Tribune, The public is invited to submit comments in writing on this application to the Federal Reserve Bank of Kansas City. The comment period will not end before May 30.
The Federal Reserve considers a number of factors in deciding whether to approve the application. To obtain a copy of the Federal Reserve Board’s procedures, or for more information about how to submit comments, contact Dennis Denney, FRB assistant vice president, at 816-881-2633.
Any person wishing to comment on this application to the State Bank Commissioner may file them in writing before processing of the application has been completed. Processing will be completed no earlier than 21 days following the first required publication for the commissioner.
The period may be extended by the bank commissioner for good cause.
The non-confidential portion of the application file is available for inspection within three business days following the request. The file may be inspected in the Office of the State Bank Commissioner during regular business hours.
Photocopies of information in the non-confidential portion of the application file will be made available upon request. A schedule of charges for such copies can be obtained from the State Bank Commissioner.
American State Bank and Trust Company is headquartered at 1321 Main Street, Great Bend, and First National Bank of Holcomb is located at 401 North Henderson St., Holcomb.