Landmark Bancorp in Manhattan, Kan., has agreed to buy Freedom Bancshares in Overland Park, Kan.
The $1.3 billion-asset Landmark said in a press release Tuesday that it will pay $33.4 million in cash for the $223 million-asset Freedom. The deal is expected to close in the fourth quarter.
Freedom “has been a strong commercial bank in Overland Park since its formation and the transaction allows an excellent opportunity to expand our presence in more urban areas, including Kansas City,” Michael Scheopner, Landmark’s president and CEO, said in the release.
“The transaction will allow Freedom Bank’s customers to continue to partner with a community-focused financial institution,” Scheopner added.
Cummings & Co. and Barack Ferrazzano Kirshbaum & Nagelberg advised Landmark. Olsen Palmer and Fenimore Kay Harrison advised Freedom.