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Bank Midwest Buying Lawrence-based Peoples

The parent company of Bank Midwest announced today that it would acquire Lawrence-based Peoples Bank, boosting its status as the fourth-largest locally headquartered bank based on assets. If approved by regulators, it would push Bank Midwest’s asset levels well above the $5 billion mark.

National Bank Holdings Corp. announced the news in a release that said it would buy both the Kansas- and Colorado-based Peoples entities for cash and stock in a deal valued at $143 million.

“The transaction with Peoples bolsters our presence in our home markets of the Colorado Front Range and the greater Kansas City region,” said Tim Laney, NBH’s chief executive. “More specifically, the acquisition provides a strong market position in the attractive Colorado Springs and Overland Park markets and expands our franchise into northern New Mexico.”

 According to the Federal Deposit Insurance Corp., the Peoples’ operations accounted for roughly $865 million of assets and nearly $720 million in deposits. The banks had been in the Winter family for more than have a century, said Wint Winter Jr., chairman and CEO.
 
“Our family has built Peoples over the past five decades with a focus on caring for our customers, employees and the communities we serve,” Winter said, “We found those same values at NBH and are proud to partner with the NBH family.”

NBH has offered $36.3 million in cash and approximately 3.4 million shares of NBH common stock to Peoples shareholders, subject to certain potential adjustments.  NBH officials expect teh transaction to close before the end of this year. In addition to Overland Park, Peoples also has area facilities in Louisburg, Ottawa, Stanley and Stillwell.