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The Bank of Burlington has entered into agreement to have Farmers and Merchants Bank of Colby

acquire The Bank of Burlington. ...Learn More

The Bank of Burlington has entered into agreement to have Farmers and Merchants Bank of Colby

 

Farmers & Merchants Bank of Colby Agrees to Acquire The Bank of Burlington


August 23, 2022 – Colby, Kansas based Farmers & Merchants Bank of Colby (“F&M”) and Burlington, Colorado based Burlington Holdings, Inc., the holding company of The Bank of Burlington, jointly announced today that they have entered into a stock purchase agreement whereby F&M will acquire all the shares of The Bank of Burlington common stock.

While F&M Bank has been doing business in Colorado for many years, consummation of the proposed transaction will allow F&M to establish a physical branch presence via the The Bank of Burlington’s locations in both Burlington and Cheyenne Wells. Additionally, in 2023 they will add a new branch in Bennett, CO; all doing business as F&M Bank in Colorado. On a pro forma basis, Farmers & Merchants will have five full-service banking branches and total assets of approximately $411 million, based on data as of June 30, 2022.

“Our companies share similar values, and our partnership will reinforce the foundation for an extraordinary community bank that puts our customers, employees, and communities first. We look forward to entering new markets that are a logical extension of our existing operations” remarked Brent Wiedeman, President & CEO of Farmers & Merchants Bank of Colby.

“We are proud to partner with F&M and believe the combination will be an excellent fit,” commented Jerry Gross, Chairman, President and CEO of The Bank of Burlington. “Being part of a larger banking company that shares our same customer-first focus will allow us to better provide competitive products and services to our customers while remaining actively involved in our community.”

The acquisition, which is subject to customary regulatory and shareholder approvals, is expected to be completed in the fourth quarter of 2022.

Olsen Palmer LLC served as exclusive financial advisor to Burlington Holdings, Inc. while Otteson Shapiro LLP served as legal advisor. Allen Vellone Wolf Helfrich & Factor P.C. served as the legal advisor to F&M.

About Farmers & Merchants Bank of Colby
Farmers & Merchants Bank of Colby is a subsidiary of the multi-bank holding company, Security Bancshares, Inc., headquartered in Scott City, Kansas. F&M was founded in 1887 and operates two full-service branch offices in Colby, Kansas. As of June 30, 2022, F&M had total assets of approximately $336 million. For more information on F&M, please visit www.fmbcolby.com.

About Burlington Holdings, Inc.
Burlington Holdings, Inc. is the bank holding company for The Bank of Burlington, a commercial bank based in Burlington, Colorado. The Bank of Burlington was founded in 1931 and operates two full-service branch offices. As of June 30, 2022, The Bank of Burlington had total assets of approximately $75 million. 

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