CrossFirst Bankshares in Leawood, Kan., has agreed to buy Canyon Bancorp. in Tucson, Ariz.
The $6.9 billion-asset CrossFirst said in a press release that it will pay $15.1 million in cash and stock for the parent of the $198 million-asset Canyon Community Bank. The deal is expected to close in the second half of this year.
Canyon has one branch, $122 million of loans and $169 million of deposits.
“We are excited to welcome Canyon Bank’s clients and employees to our CrossFirst team,” Mike Maddox, CrossFirst’s president and CEO, said in the release.
“This transaction represents a natural extension of our growth opportunity in Arizona by providing a strategic presence in Tucson with a strong core deposit base and liquidity position, while also supplementing our existing presence in the metro Phoenix market,” Maddox added.
CrossFirst was advised by Raymond James and Stinson. Canyon was advised by Keefe, Bruyette & Woods and Hunton Andrews Kurth.