May 11, 2019
Citizens Bank & Trust and Summit Bank of Kansas City recently announced their merger agreement and submission of a related regulatory application. The announcement was made jointly by Richard L. Viar, president and chief executive officer of Summit Bank of Kansas City and Roger M. Arwood, chief executive officer of Citizens Bank & Trust.
The merger agreement outlines their plans for Citizens to acquire Summit in 2019, at which time Summit will be merged into Citizens Bank & Trust. The merger of these privately owned community banks is expected to help them deliver enhanced financial services to clients throughout the greater Kansas City metropolitan marketplace.
Summit Bank has developed a loyal customer base, strong community ties and a skillful banking team in Lee’s Summit, which are the attributes that attracted Citizens Bank & Trust. Rick Viar, president and CEO of Summit Bank of Kansas City, stated, “The financial resources of Citizens will enable us to better serve our existing clients, and more quickly grow in Lee’s Summit and the surrounding communities.”
The merger will expand Citizens Bank & Trust into the eastern Kansas City metropolitan market, supplementing its existing presence in the Kansas City Northland and Johnson County, KS markets. Roger Arwood, CEO of Citizens Bank & Trust, said, “Rick and his team have built a wonderful bank in an attractive market and we are looking forward to having them join Citizens.”
Completion of this merger is expected to occur in the second half of 2019, pending receipt of all required regulatory and shareholder approvals.