Bank Midwest announces acquisition of Founders Bank

The parent company of Bank Midwest, which has locations in Springfield, has entered into a definitive agreement and plan of merger with the parent company of Founders Bank, under which Bank Midwest will acquire Founders Bank. The transaction, which is subject to regulatory and stockholder approvals, is expected to be completed during the second quarter.

Founders Bank, a $122 million community bank with three locations in St. Louis County, has been serving a customer base that primarily comprises individuals and small- and medium-sized businesses since 1996.

Following the merger, the three locations will carry the Bank Midwest name, but senior management and customer staff from Founders Bank will remain and continue to serve customers.

"The merger represents Bank Midwest's initial entrance into the St. Louis market with free-standing banking center locations," said Rick Smalley, president and CEO of Bank Midwest. "The addition of Founders Bank to the Bank Midwest franchise significantly advances our strategy to increase our presence in growing metropolitan markets throughout Missouri and provides a solid foundation for growth ," he added.

Bank Midwest's headquarters are located in the Kansas City metropolitan area. Bank Midwest has more than $2.6 billion in assets. It is the largest subsidiary of Dickinson Financial Corporation, and there are more than 70 Bank Midwest branches throughout northern Missouri, eastern Kansas and the metropolitan areas of Kansas City, Springfield and St. Louis.

Founders Bank is the sole subsidiary of Founders Bancshares.