JEFFERSON CITY, Mo.--(BUSINESS WIRE)--Central Bancompany, Inc. (“Central”) has completed its acquisition of Liberty Bancorp, Inc. (OTC-Pink:LBCP) (“Liberty”), the holding company for BankLiberty, effective as of August 1, 2019. Over the next few months, under the terms of the merger agreement, BankLiberty will be merged into Central Bancompany’s affiliate bank, Central Bank of the Midwest, headquartered in Lee’s Summit, Missouri.
It is anticipated that Central Bank of the Midwest will have combined assets totaling $2.3 billion, with $1.7 billion in loans and $1.9 billion in deposits. The addition of 13 branches in the Northland and Independence areas will bring the total number of Central Bank of the Midwest branches to 45, reaching 25 communities across Greater Kansas City and Lawrence.
Brent Giles, Chairman and CEO of Liberty, stated, “The partnership between BankLiberty and Central Bank is a natural one. Our values align strongly, and we look forward to providing our customers with the same service they’ve come to expect from BankLiberty with the added resources and financial services from Central Bank.”
Bill Ferguson, President and CEO of Central Bank of the Midwest, said, “We are pleased to announce the completion of the acquisition and look forward to bringing our banks together in the coming weeks. To see this partnership become a reality is exciting, and we are ready to continue BankLiberty’s legacy in the Northland.”
Upon completion of the conversion expected in the fourth quarter of 2019, customers of Central Bank of the Midwest will have access to more than 150 branches and a nationwide network of ATMs under the dogwood logo and through the MoneyPass network.
Raymond James & Associates, Inc. served as financial advisor on the transaction to Liberty and Kilpatrick Townsend & Stockton LLP served as legal advisor.
About Central Bancompany
Central Bancompany is a more than $13 billion, Missouri-based bank holding company with 13 full-service community banks and more than 250 locations in 67 communities serving consumers and businesses in Missouri, Kansas, Illinois, Oklahoma, and Colorado. The Central Bancompany family of banks are The Central Trust Bank, Central Bank of Boone County, Central Bank of Lake of the Ozarks, Central Bank of Moberly, Central Bank of the Ozarks, Central Bank of Warrensburg, Central Bank of Audrain County, Central Bank of St. Louis, Jefferson Bank of Missouri, Central Bank of the Midwest, Central Bank of Oklahoma, Central Bank of Branson, and Central Bank of Sedalia. Affiliate companies include Central Trust Company, Central Technology Services, Central Investment Advisors, Central Mortgage Company, and Central Travel. For more information, visit www.centralbank.net.
About Liberty Bancorp, Inc.
Liberty Bancorp, Inc. (OTC-Pink: LBCP) is the holding company for BankLiberty, which is a full-service community bank offering deposit and loan services for businesses, families and individuals. With assets of $540.0 million as of December 31, 2018, BankLiberty was recently named one of the strongest midsize banks in Kansas City by the Kansas City Business Journal, and holds a five-star rating from Bauer Financial.
Special Note Concerning Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. All statements in this document, including forward-looking statements, speak only as of the date they are made, and neither Central nor Liberty undertakes any obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from forward-looking statements. These factors include, among others, the following: ability to obtain regulatory approvals and meet other closing conditions to the merger of Central Bank of the Midwest and BankLiberty on the expected terms and schedule; delay in closing the merger of Central Bank of the Midwest and BankLiberty; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows; competition; demand for financial services in our market area; changes in real estate market values in our market area; and changes in relevant accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.