Two Kansas City area savings banks plan to merge into one institution with offices on both sides of the state line. First Federal Bank of Kansas City and Inter-State Federal Savings and Loan of Kansas City, KS, have agreed to merge and operate under First Federal’s name at their combined 11 branches.
Each of the savings banks operates under a mutual form of ownership, having no stockholders, but belonging to its depositors, as will be the case with the newly merged entity.
Combined, the banks have $650 million in assets, including $380 in loans.
Terms of the merger were not disclosed.