The deal is said to help the privately owned community banks to provide better financial services to clients across the greater Kansas City metropolitan marketplace.
The merger will allow Citizens Bank & Trust to expand into the eastern Kansas City metropolitan market, as well as supplement its existing presence in the Kansas City Northland and Johnson County, KS markets.
Established in 1889 and based in Kansas City, Citizens Bank & Trust has banking offices in Leawood of Kansas and across Northwest Missouri.
Citizens Bank also provides financial services with easy-to-access mobile apps and online tools to make banking flexible and convenient from any place.
The bank, which is privately-owned and locally managed, provides banking and wealth management services for personal, private, and commercial banking clients. It has 20 banking centers and access to over 2,000,000 ATMs across the globe.
Citizens Bank & Trust CEO Roger Arwood said: “Rick and his team have built a wonderful bank in an attractive market and we are looking forward to having them join Citizens.”
Based in Lee’s Summit, Summit Bank of Kansas City was established in 2005 and provides a full array of banking products and solutions to the customers. The services and products of the bank include personal, business, as well as online banking.
Summit Bank of Kansas City provides a variety of rates and terms ranging from 30 days to five years, as per the investment requirements. The bank also offers SBA loans, remote deposit and fraud protection services to its customers.
Subject to regulatory and shareholders’ approval, the merger is expected to be completed in the second half of this year.
Summit Bank of Kansas City president and CEO Rick Viar said: “The financial resources of Citizens will enable us to better serve our existing clients, and more quickly grow in Lee’s Summit and the surrounding communities.”
