Archive for Wednesday, January 9, 2008

FCB purchases North Kansas City bank

January 9, 2008

First Community Bancshares has filed with the Federal Reserve Bank in Kansas City to begin the process of acquiring Norbank in North Kansas City.

The companies signed an agreement to merge the holding companies in October. The filing with the Federal Reserve Bank is the first step in obtaining regulatory approval of the merger.

Norbank, with a single location at 401 Armour in North Kansas City, has assets of roughly $35 million. First Community Bancshares operates 17 First Community Banks and FCB Banks in western Missouri and eastern Kansas. With $565 million in assets, the company also has a residential lending center in Overland Park.

"This merger is a natural fit for both organizations," said First Community Bancshares' Chief Executive Officer Jack Fields. "Norbank offers us an additional location in the Northland, which is our target area for future growth. We, on the other hand, can provide their customers many products and services, such as online banking and remote deposit capture, to which they currently don't have access."

Fields and First Community Bank President and Chief Operating Officer Greg Bynum said they expect the merger of the holding companies to be complete in the spring, and the merger of the banks to be finished in the summer.

FCB is looking forward to continuing its Northland expansion and becoming part of the North Kansas City business community, Bynum said. First Community already has banks in the Tuileries Plaza on 64th Street and on Roanridge Road near I-29 and Barry Road.

No changes will occur until the bank merger is approved, Bynum said. The management team and staff at the bank will stay the same, including its president Frank Victor.

"Norbank customers will continue to bank the same way with the same people as they have before," Bynum said. "Other than offering them new technologies and opportunities, Norbank customers won't see substantial differences in the way they bank."

First Community Bancshares has six locations in the Kansas City metro area, including De Soto.

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