Heritage Bancshares, Inc., the holding company of Heritage Bank, and Fidelity Kansas Bankshares, Inc., the holding company of Fidelity State Bank and Trust Company, have jointly announced on 14 December 2024, the signing of a stock purchase agreement whereby Heritage Bancshares, Inc. will acquire Fidelity State Bank and Trust Company. Following the closing of the transaction, Fidelity State Bank and Trust Company will be merged with and into Heritage Bank with Heritage Bank as the surviving entity. The transaction has been approved by the board of directors of each company and is expected to close in the second quarter of 2025, subject to customary closing conditions including shareholder and regulatory approvals.
Based on the most recent reported financials, the combined institution is expected to have approximately $300 million in total assets and 3 banking offices in the greater Topeka area.
With the announcement, Heritage Bank’s President, CEO & Director, Tony Konrade, commented, “We are excited to expand our commitment to the Topeka region through the merger of our two organizations. The team at Fidelity has done an excellent job building relationships with their clients and communities, and it is our plan to deepen those existing ties. Supporting our local communities remains at the heart of our mission. Having Allan Towle, Mark Kossler, and the Fidelity team join Heritage Bank is a significant milestone in our journey to make our local communities better.”
“We look forward to teaming up with Heritage Bank and the opportunities that this new partnership will create,” said Allan Towle, Chairman, President & CEO of Fidelity State Bank and Trust Company. “Heritage Bank’s mission to help customers and the community prosper aligns directly with our focus on the customer’s success, which leads to the success of the community. One of the strongest values in this combination is local ownership and local decision making dedicated to the greater Topeka community. These two key elements bring significant benefits in serving our customers, our staff, and the community.”
Olsen Palmer LLC served as financial advisor to Heritage Bancshares, Inc., and Armstrong Teasdale LLP served as its legal counsel. CC Capital Advisors, Inc. d/b/a The Capital Corporation served as financial advisor to Fidelity Kansas Bankshares, Inc., and Stinson LLP served as its legal counsel.
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