• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
  • Pickem Terms and Conditions
Thursday, September 21, 2023
The Platte County Landmark Newspaper
  • Home
  • Local News
  • Opinion
  • Landmark Pickem!
    • Weekly Pickem Updates
    • Login / Sign-up
    • Results by Week
    • The Leaderboard
    • Pickem Rules and Help
  • Landmark Live!
  • Looking Backward
  • es_MXSpanish
  • Home
  • Local News
  • Opinion
  • Landmark Pickem!
    • Weekly Pickem Updates
    • Login / Sign-up
    • Results by Week
    • The Leaderboard
    • Pickem Rules and Help
  • Landmark Live!
  • Looking Backward
  • es_MXSpanish
No Result
View All Result
The Platte County Landmark Newspaper
No Result
View All Result

Platte Valley bank being sold to Central Bank of the Midwest

Debbie Coleman-Topi by Debbie Coleman-Topi
October 4, 2019
in Local News
15
SHARES
376
VIEWS
Share on FacebookShare on TwitterShare via Email

Officials with two area banks, including Platte Valley Bank, are confident an upcoming merger will be a smooth transition since the two companies share so much in common.

Both Platte Valley Bank, a major Platte County presence since the early 20th century, and Central Bank of the Midwest, based in Lee’s Summit, have strong familial ties and long traditions in the Kansas City area, officials said.

RelatedNews

Char Bar coming to Parkville

Future of the courthouse

City proposes 3% tax on marijuana

Central Bancompany Inc., the holding company for Central Bank of the Midwest, is to merge the two banks next spring.

Platte Valley Bank started as Waldron State Bank in tiny Waldron in Platte County in 1906, said Susan Baker, executive vice president and marketing director.

The bank moved to Dearborn during the 1930s and has changed names several times and opened new locations throughout its more than 100-year history, she said.

Platte Valley Bank currently has nine area locations. The bank’s main office maintains its long-standing ties with a main branch in Platte City.

Bill Ferguson, president and chief executive officer of Central Bank of the Midwest, said the history and personal service is not lost on the public.

“People love Platte Valley Bank,” he said.

Central Bancompany will acquire Platte Valley for an undisclosed amount in a deal that requires approval by shareholders and bank regulators before being finalized.

Central Bank of the Midwest got its start in Jefferson City in 1902 and has been owned by the Cook family for four generations, Ferguson said.

Conversely, Phene and Gerri Skinner, residents of Camden Point, started Platte Valley Bank in 1906, said Doug Gutshall, regional president and co-chief executive officer of Platte Valley Bank.

Gutshall has been with the bank for 40 years and said he expects to stay on after the merger.

Ferguson said the transaction will mark only the second time in Central Bancompany’s history that it acquired a bank in the Northland. The first was when Central acquired BankLiberty earlier this year for $103.7 million.

The two latest acquisitions demonstrate Central’s desire to be a presence in the Northland, he said. Central, with $2.9 billion in assets, is the Kansas City area’s fifth largest community banking organization, Ferguson said.

“We’re very excited about it. What that allows us to do is expand our footprint in the Northland,” he said.

Platte Valley Bank, which has about $600 million in assets and about 180 employees, has consistently been named to the list of the area’s strongest mid-sized banks by the Kansas City Business Journal, according to an article in the publication.

Gutshall said the fate of the bank’s employees will be determined later, but the goal is to retain employees. He said employee positions will be determined closer to the merger date.

The history of Platte Valley Bank was mentioned in a press release.

“We purchased First State Bank of Dearborn, Missouri (Platte Valley Bank) in 1976 from the Skinner family,” said E.L. Burch, vice chairman of Platte Valley Bank.

“We are proud of what PVB has become and how it has given back to the community in the past 43 years. We are pleased to turn it over to a great organization like Central Bancompany. We believe they will carry on our traditions and commitment to our community.”

At the transaction’s conclusion, Central Bank of the Midwest will have combined assets of $2.9 billion and $2.4 billion in deposits, according to an article in the Kansas City Business Journal.

Central Bancompany is a Jefferson City-based bank holding company with more than $13 billion of assets in 13 full-service community banks that operate more than 250 locations in 78 communities in Missouri, Kansas, Colorado, Illinois and Oklahoma, according to the Kansas City Business Journal.

In the release, Ferguson summed up the acquisition saying it “will combine nearly 300 years of demonstrated financial strength and community spirit to the Northland. We’re looking forward to what we’ll do together in the next 100 years.”

Tags: platte cityplatte county
Debbie Coleman-Topi

Debbie Coleman-Topi

Debbie’s journalism career officially began at the University of Missouri School of Journalism, where she was trained. Her works have appeared in the Kansas City Star and its former Sunday Magazine, the Independence Examiner and TWINS Magazine. Since 2016, Debbie has written for The Landmark, where she has reported on a wide range of Platte County area issues and people.

Related Posts

Char Bar

Char Bar coming to Parkville

by Valerie Verkamp
September 17, 2023
0

BARBECUE AND PICKLEBALL Anyone who's ever visited the Char Bar in Westport to taste their smoked meats, play a round of lawn games, or sip a wood-smoked-infused cocktail quickly notices originality and flavor. Now, a new Char Bar Smoked Meats...

Doing battle with the assessor’s office

Office space, lead and assessors

by Guy Speckman
September 17, 2023
0

The mailman delivered my Landmark last week and turns out Foley sold my office space in Platte City without telling me. So far in three years I had never used it, but what if an emergency came up and I...

Platte County Courthouse

New courthouse idea still getting an lol

by Ivan Foley
September 17, 2023
0

Pretty big development in local politics, don’t miss this story on our front page. The Platte County Republican Central Committee has announced it will start vetting all potential Republican candidates for county office. Who knew this was a legal thing?...

Platte County Courthouse

Future of the courthouse

by Ivan Foley
September 17, 2023
0

JUDGES WANT A NEW ONE, ENGINEERS SAY STRUCTURE IS SOUND What does the future hold for the historic Platte County Courthouse in Downtown Platte City? It’s a topic that really wasn’t at the forefront for most Platte Countians. For the...

Next Post

Local woman charged with statutory rape

Popular News

  • Char Bar

    Char Bar coming to Parkville

    111 shares
    Share 44 Tweet 28
  • Lawsuit claims toxic heavy metals in herbs and spices

    83 shares
    Share 33 Tweet 21
  • Future of the courthouse

    11 shares
    Share 4 Tweet 3
  • Arena League team partners with Kansas City Athlete Training

    7 shares
    Share 3 Tweet 2
  • Landmark building sold

    12 shares
    Share 5 Tweet 3
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
  • Pickem Terms and Conditions
Call us at 816-858-0363

Copyright © 2019-2020 The Platte County Landmark Newspaper - All Rights Reserved

No Result
View All Result
  • Subscribe Online
  • Home
  • Local News
  • Opinion
  • Landmark Pickem
    • Login / Sign-up
    • Results by Week
    • The Leaderboard
    • Pickem Rules and Help
  • Landmark Live!
  • Looking Backward
  • es_MXSpanish

Copyright © 2019-2020 The Platte County Landmark Newspaper - All Rights Reserved