Citizens Union State parent to acquire Bank 10 of Belton

Jefferson City-based Exchange National Bancshares Inc. has entered into an agreement to purchase Bank 10, with headquarters in Belton, for approximately $32 million.
Exchange National is the parent company of Citizens Union State Bank & Trust of Clinton with locations in Springfield, Branson, Lee’s Summit, Windsor, Collins and Osceola; The Exchange National Bank of Jefferson City with locations in California, Tipton and St. Robert; and Osage Valley Bank of Warsaw.
Bank 10, with branches in Belton, Drexel, Harrisonville, Independence and Raymore, has assets of approximately $171 million. Upon completion of the sale, Exchange National will have assets of approximately $1.123 billion.
Bank 10 CEO Joe Balantine said he hadn’t planned on putting his bank on the market, but he had indicated to Exchange that if it was interested he would be willing to listen.
“If we were to sell, I wanted to affiliate with an out-of-market community banking group that would be interested in our organization and not just our customers,” Balantine said in a news release. “The other criterion was that we were only interested in joining a quality group whose culture and philosophy are compatible with those we have developed at Bank 10. Exchange easily met both requirements.”
The transaction is subject to approval of the Federal Reserve and certain other conditions. It is expected to finalize around May 1.