KANSAS CITY, Mo. and MANHATTAN, Kan., Oct. 26, 2021 /PRNewswire-PRWeb/ -- Armed Forces Bank, N.A. and its parent, Dickinson Financial Corporation, have entered into a definitive agreement to acquire the residential mortgage operations of KS StateBank. Dickinson will further expand and diversify its residential mortgage lending business across the United States, and KS StateBank will focus on and continue to increase its commercial banking activities.
The deal is expected to more than double Armed Forces Bank's residential mortgage lending business and add four new loan production offices in Overland Park, Kan.; Manhattan, Kan.; Arizona, and Minnesota. "We know how important home ownership is to establish financial security, creating wealth, and building community, which is why we are committed to expanding our residential mortgage banking services for all of our clients," said Paul Holewinski, Chief Executive Officer of Dickinson Financial Corporation. "We are excited to partner with KS StateBank, a bank like ours that has strong roots in the Midwest, but reach throughout the country that values and embodies trust in banking."
Mike Daniels, President and CEO of KS StateBank, stated "We very much appreciate the strong contribution and exceptional client service this team has provided, and while we emphasize our commitment to business banking and government finance, we are pleased to offer our residential lending team a path for continued success."
Armed Forces Bank is a full-service military bank committed to serving those who serve since 1907 with branches on 17 military installations throughout the United States. With 114 years experience, Armed Forces Bank provides a first class standard of care for military, government personnel and their families across all installations to uphold a consistent customer experience – regardless of location.
Armed Forces Bank has been honored for nine consecutive years as "Distinguished Bank of the Year" by at least one branch of service (Army, Air Force and/or Navy).
The transaction is expected to close in the fourth quarter 2021.
About Armed Forces Bank
Armed Forces Bank , headquartered in Fort Leavenworth, Kansas, is a full-service military bank committed to serving those who serve since 1907. As part of a family of banks with over $1.2 billion in assets, it provides affordable, personal, and convenient banking and financial services to both active and retired military and civilian clients in all 50 states and around the world. Armed Forces Bank has more on-base locations than any military bank in the country with 23 locations and is a wholly-owned subsidiary of Dickinson Financial Corporation, a $3.5 billion bank holding company headquartered in Kansas City, Mo. Armed Forces Bank's sister bank, Academy Bank, is a full-service community bank with over 80 branch locations in Arizona, Colorado, Kansas and Missouri. For more, visit http://www.afbank.com.
About KS StateBank
KS StateBank is a full-service commercial bank committed to excellence in banking and building trust in every relationship. Its experienced bankers work hard to earn and keep its clients' trust with the promise of exceptional service. The Bank takes pride in being financially strong, nimble and responsive to its clients' business banking, government finance and personal banking needs. KS StateBank has offices in Manhattan and Wichita, Kansas and Phoenix/Scottsdale, Arizona. Its parent company, Manhattan Banking Corporation, is a family-owned company headquartered in Manhattan, Kansas with assets of $2.3 billion.
Tom Kientz, Dickinson Financial Corporation, (816) 412-6023, [email protected]
Eric Valaika, KS StateBank, (785) 564-6221, [email protected]
SOURCE Armed Forces Bank