Heritage Bancshares, the holding company of Heritage Bank, has agreed to acquire Fidelity Kansas Bankshares, the parent company of Fidelity State Bank and Trust, through a stock purchase deal.
The proposed transaction has been approved by the boards of directors of both the US-based companies.
Through the deal, Fidelity State Bank and Trust will merge into Heritage Bank. The latter will remain the surviving entity following the transaction.
The combined institution is projected to hold approximately $300m in total assets and operate three banking offices in the greater Topeka area.
Founded in 1922, Fidelity State Bank and Trust provides various services and products to individuals and businesses in the region through its two branches. The institution holds $160m in total assets and employs 29 full-time staff members.
Fidelity State Bank and Trust chairman, president, and CEO Allan Towle said: “Heritage Bank’s mission to help customers and the community prosper aligns directly with our focus on the customer’s success, which leads to the success of the community.
“One of the strongest values in this combination is local ownership and local decision making dedicated to the greater Topeka community. These two key elements bring significant benefits in serving our customers, our staff, and the community.”
Headquartered in Topeka, Kansas, Heritage Bank was established in 2003. The community bank has $135m in total assets.
Currently, Heritage Bank has a team of 16 full-time employees.
Heritage Bank president, CEO, and director Tony Konrade said: “The team at Fidelity has done an excellent job building relationships with their clients and communities, and it is our plan to deepen those existing ties.
“Supporting our local communities remains at the heart of our mission. Having Allan Towle, Mark Kossler, and the Fidelity team join Heritage Bank is a significant milestone in our journey to make our local communities better.”
Subject to customary conditions as well as regulatory and shareholder approvals, the transaction is expected to be completed in Q2 2025.
For the transaction, Olsen Palmer acted as the financial adviser to Heritage Bancshares with Armstrong Teasdale providing legal counsel.
Fidelity Kansas Bankshares was advised by CC Capital Advisors, operating as The Capital Corporation, with legal counsel from Stinson.
