The new bank will move into a new facility next to the existing branch office within the month. According to the Federal Reserve Bank in Kansas City, about $2.5 million was used to acquire Sylvan State Bank and another $1.7 million was needed to purchase the Kendall branch at 135th Street and Nieman Road in Overland Park. Sylvan State Bank has about $15 million in assets.
The customer base at 1st Financial Bancshares will be aimed at businesses with annual sales of up to $25 million. The bank holding company was formed by Thomas Bishop Jr. and another investor. Last year, the company raised about $7.5 million through the sale of common stock.
Officials are working to purchase another bank, the Centerville Bank in Centerville, KS, located about 60 miles south of Overland Park. The Centerville Bank has about $8 million in assets.
Both Sylvan State Bank Kendall State Bank were established in 1892. Sylvan State Bank was most recently owned by Sylvan Agency Inc. Kendall State Bank, based in Valley Falls, KS is owned by the Stoskopf family. The Overland Park branch of the Kendall State Bank was opened five years ago.
Investors in 1st Financial Bancshares include Bishop and the Meader Insurance Agency, which owns the First National Bank of Kansas in Burlington, KS. Bishop was also a founder of First Commercial Bank in Overland Park and Parkway Bank in Overland Park. First Commercial merged with Enterprise Bank of St. Louis about a year ago and Parkway Bank was sold to Mark Twain Bancshares Inc. in 1993.
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