KCB Bank Sells to Academy Bank | O'Keeffe & O'Malley

KCB Bank Sells to Academy Bank

Jun 03, 2019

KCB Bank Sells to Academy Bank

Academy Bank, a wholly owned subsidiary of Dickinson Financial Corp., a bank holding company that also owns Leavenworth-based Armed Forces Bank recently acquired KCB Bank of Gladstone, MO. With 20 branches in the Kansas City area and $1.59 billion-asset bank, Academy Bank is the seventh-largest bank based in the area.

“We’re building out our footprint, and KCB Bank is a good fit,” said Dickinson Financial CEO Paul Holewinski. “It’s consistent with our growth strategy. Between taking on five new locations and adding six more in the coming months, we’re starting to build back our deposit franchise. It’s giving us some heft to our deposit base, and right now deposits are the name of the game. It’s bringing in good core deposits that then help increase the value of the franchise because you can then lend that money out and grow.”

With this recent acquisition, it will give Academy Bank two new branches in Kearney, one in Liberty, one in Gladstone and one in Bonner Springs.

KCB Bank will add $210.31 million in deposits to the $1.28 billion at Academy Bank. KCB has $254.69 million in assets and is the 19th-largest bank based in the Kansas City area. During the past few years, KCB has been one of the area's most aggressive banks as far as its loan portfolio growth. Its loans increased by 21.7% in 2016, 23.5% in 2017 and 7.6% in 2018, and it now holds about $202.9 million in loans and leases on its books.