Community Bancorp in Chanute, Kan., has agreed to buy Quarry City Savings and Loan Association in Warrensburg, Mo.
The parent of the $1.9 billion-asset Community National Bank & Trust said in a press release Tuesday that it will pay $10.4 million in cash for the $71.3 million-asset Quarry City, subject to adjustment. The deal is expected to close in the third quarter.
“We are pleased with the opportunity to welcome Quarry City and its employees and customers to Community National,” Daniel Mildfelt, Community Bancorp’s president and CEO, said in the release. “Both institutions share the principles of caring for their employees, the communities they serve and providing high-quality products and services to their customers.”
Quarry City was advised by The Capital Corporation and Luse Gorman. Community Bancorp was advised by Minter & Pollak.