NBH Holdings Corp., to acquire Bank Midwest National Association
SBJ Staff
Posted online
NBH Holdings Corp., will acquire Bank Midwest National Association, a subsidiary of Dickinson Financial Corporation, in a transaction expected to be completed in early fall.
The acquisition will affect 38 Bank Midwest branches including Bank Midwest at 600 W. Republic Rd. in Springfield, according to News-Leader reporting.
The three Bank Midwest branches operated by Dickinson Financial, located inside Walmart stores on Independence Street, Sunshine Street and Campbell Avenue, will continue to be owned and operated by Dickinson Financial but will operate under a different name that is yet to be decided, according to News-Leader reporting.
Dickinson will retain all of Bank Midwest’s capital, reserves and non-performing assets, according to an NBH news release.
The 38 Bank Midwest branches will retain the name Bank Midwest and current employees will stay on and become NBH employees after the acquisition, the release said.
“We are very pleased to reach this agreement with DFC and to enter these attractive banking markets,” said NBH President and CEO Tim Laney said in the release. “We are confident that we can build on the foundation provided by DFC and execute our strategy to grow Bank Midwest with a continued focus on customers, employees and community.”
NBH chose Goldman Sachs as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor for the transaction, according to the release.[[In-content Ad]]