Overbrook Bankshares to Acquire Norcon Financial in a Strategic Merger
The world of banking is set for another significant development as Overbrook Bankshares, the holding company for The First Security Bank, is in the process of acquiring Norcon Financial, the holding company for Conway Bank. This merger is a strategic move that will strengthen both entities and provide more comprehensive financial services to their clients.
The Merger Agreement
The terms of the merger agreement stipulate that Norcon Financial will merge with and into Overbrook Bankshares, and Conway Bank will merge with and into The First Security Bank, making Overbrook Bankshares and First Security Bank the surviving entities. This move has been unanimously approved by the boards of directors of both bank holding companies.
The Expected Impact
The merger is expected to close in the first half of 2026. However, the successful completion of this merger is subject to customary closing conditions, including approval from regulatory authorities and shareholders. Once finalized, the combined entity will boast around $225 million in total assets and will operate eight banking offices across Kansas City, Topeka, and Wichita metropolitan areas.
Legal Advisors and Financial Support
Overbrook Bankshares sought legal advice from Fenimore Kay Harrison, while Olsen Palmer acted as the financial advisor and Stinson as legal counsel to Norcon Financial. These partnerships ensure that the merger is conducted in the best interest of all parties involved and complies with all legal and financial regulations.
Reaction from Overbrook Bankshares
Kent Needham, the chairman of Overbrook Bankshares, expressed his excitement about the merger. He praised the Conway Bank team for their excellent job of building client relationships and community ties. He further assured that these existing ties would be deepened and that supporting local communities would remain central to their mission.
About the Banks
First Security Bank, based in Overbrook, Kansas, was established in 1897. It operates four branches and manages total assets of over $100 million. On the other hand, Conway Bank, based in Conway Springs, Kansas, was founded in 1886 and operates four branch locations with about $125 million in total assets.
Conway Bank’s Perspective
Joe Rottinghaus, the president and CEO of Conway Bank, also showed optimism about the merger. He believes this transaction positions them for the future of banking by combining the strengths of two well-respected organizations. The partnership will provide new opportunities for their customers, employees, and the communities they serve.
This merger signifies a strategic step forward in the banking industry, showing the potential for growth and expansion through collaboration and consolidation of resources. The combined expertise, experience, and authoritativeness of Overbrook Bankshares and Norcon Financial will offer a trustworthy banking experience for their clients.
For more details about the merger, click Here.
