Plains Bancshares, Inc., parent company of The Plains State Bank, and Sixth Bancshares, Inc., parent company of BANK VI, has announced plans for Plains Bancshares to acquire all of the outstanding shares of Sixth Bancshares.
BANK VI is a $107 million asset community bank headquartered in Salina. The current management team will join Plains State Bank’s management team, ensuring the continued commitment to the Salina market and supporting the merged company’s strategic plan that includes community banking facilities in western Kansas.
The transaction is expected to close in mid-2018, subject to regulatory approvals, the approval of Sixth Bancshares stockholders and the satisfaction of customary closing conditions.
Following completion of the transaction, The Plains State Bank is expected to have approximately $214 million in total bank assets.
For additional details regarding the acquisition visit the The Plains State Bank website at www.plainsstatebank.com.