The parent companies of two prominent Johnson County banks, Morrill & Janes Bank and Trust Co. and Bank of Blue Valley, have reached a merger agreement that will allow M&J parent Heartland Financial USA to acquire Bank of Blue Valley.
Combined, the new bank–operating under the Bank of Blue Valley brand–will have assets of approximately $1.3 billion and will remain headquartered in Overland Park, with a total of 13 full-service branch locations. The two ranked Nos. 24 and 25 on Ingram’s list of the largest area banks in terms of assets for 2018; the union would place them at No. 15.
The all-stock transaction has a preliminary value of $93.5 million, subject to market changes as the deal goes before shareholders and regulators. It is expected to close in the second quarter of the year.
Bank of Blue Valley was founded in 1989 by Bob Regnier, who will continue as executive chairman and CEO, while Morrill & Janes’ current CEO, Wendy Reynolds, will serve as president. Kurt Saylor of Morrill & Janes will retain his role as chairman, and Blue Valley’s COO, Mark Fortino, will become executive vice president.
The transaction, Regnier said, will allow the bank to “continue to build on our three pillars of Community, Philanthropy and Entrepreneurship. We keep these pillars in the forefront of our minds so they are reflected in our decisions and actions every day. Joining with Heartland is an exceptional opportunity to further leverage our growth. We look forward to expanding our lending capacity and enhance our technology with a focus on treasury management and wealth advisory services.”
“We are fortunate,” said Reynolds, “to be merging with a bank that shares our values, culture and customer focus. The combination of our two organizations will expand our presence in Kansas City and create a bank that is even better positioned for growth and continued success.”
Heartland Financial USA is a holding company for 11 independently chartered community banks in the Midwest, southwest and western United States. This acquisition brings to 127 its number of 127 full-service banking locations in 12 states.