Banking institution, First National Bank of Omaha, to acquire Kansas City-based bank.
The First National Bank of Omaha (FNBO) has announced its acquisition of CCB Financial Corporation, the parent company of Country Club Bank based in Kansas City, Missouri. This strategic move is part of FNBO's broader strategy to grow its assets, which currently stand at approximately $35 billion.
The merger between FNBO and CCB Financial Corporation is set to increase FNBO's footprint in the Kansas City market and contribute to its asset growth. The deal, which is pending regulatory approval, is expected to be finalised by the end of 2025.
Both FNBO and CCB Financial Corporation are privately-owned, family-led banks. FNBO is controlled by the Lauritzen family, with a limited number of shares held by unrelated parties. On the other hand, Byron Thompson led CCB Financial from 1985 until recently, and his son, Paul Thompson, is the current CEO.
The acquisition will boost FNBO's rank in the Kansas City area from the 16th-largest bank based on deposit share to the 9th-largest. It will also add 20 locations in the greater Kansas City area to FNBO's existing 100-branch network.
Country Club Bank, a subsidiary of CCB Financial, was founded in 1953 and has grown to manage $1.8 billion in deposits and $2.8 billion in assets. Paul Thompson, CEO of CCB Financial Corporation, expressed confidence that FNBO is the right partner to maintain CCB's legacy and take it further into the future.
Clark Lauritzen, Chairman and President of FNBO and the sixth generation of his family to run FNBO and its parent company FNNI, expressed excitement about the merger. He is also a director at the Kansas City Fed.
This acquisition marks another step in FNBO's ongoing efforts to expand via strategic acquisitions, complementing its existing portfolio and increasing its assets towards the $35 billion mark. However, the financial terms of the deal between FNBO and CCB Financial Corporation were not disclosed.
It is important to note that this article does not cover other recent acquisitions such as FB Financial's acquisition of Southern States for $381M or Cadence Bank's purchase of Industry Bancshares. These acquisitions are separate from the FNBO-CCB Financial Corporation merger.
As the acquisition is pending regulatory approval, more details about the terms and further strategic details on the acquisition or growth beyond this are yet to be disclosed.
The merger between FNBO and CCB Financial Corporation will enhance FNBO's business and finance portfolio in the banking-and-insurance industry, as well as augment its assets in the Kansas City market. Post-acquisition, FNBO aims to grow its assets closer to the $35 billion mark through strategic acquisitions.
The upcoming merger is also expected to increase FNBO's rank in the Kansas City area, solidifying its position in the industry and broadening its network with the addition of 20 locations to its 100-branch network.
