LIBERTY — Central Bank of Missouri has entered into a merger agreement to acquire Platte Valley Bank. The merger, if regulatory approval goes through, should take place the first week of December.
In early August, BankLiberty merged into Central Bancompany’s affiliate bank, Central Bank of the Midwest, headquartered in Lee’s Summit. Now, the banking group is adding Platte Valley, which has a Smithville branch, to the mix.
“BankLiberty has given us the footprint we wanted coming to the Northland. Adding Platte Valley Bank cements us more in Platte County, but we definitely understand the pull of the vibrant Northland,” said Bill Ferguson, president and CEO of Central Bank of the Midwest.
Platte Valley Bank has locations in Clay County including Liberty, Smithville, Gladstone and Kansas City North.
Ferguson said Doug Gutshall and Kelly Parkhurst will both be staying with the bank and facilitating further growth.
Gutshall serves as Platte Valley’s regional president and co-chief executive officer while Parkhurst is the executive vice president and chief operating officer.
“We purchased First State Bank of Dearborn in 1976 from the Skinner family. We are proud of what PVB has become and how it has given back to the community in the past 43 years,” E.L. Burch, vice chairman of Platte Valley Bank said via release. “We are pleased to turn it over to a great organization like Central Bancompany. We believe they will carry on our traditions and commitment to our community.”
Ferguson praised the Burch family for the bank system they built including customer retention and growth.
“We will bring in additional products and services, especially on the wealth management side,” Ferguson said. “We have a robust trust and investment company. We are also picking up some of the great products such as the Platte Vally clubs, especially the kids and seniors clubs. Those will be great programs to look at. … As we talk to the customers, we can talk about the increased network of 54 places. It’s basically where everyone will be... .”
Ferguson said he doesn’t expect any name changes or any other alterations until after the new year.
At the closing of the transaction, it is anticipated that Central Bank of the Midwest will have combined assets totaling $2.9 billion, with $2.1 billion in loans and $2.4 billion in deposits.