Gold Banc Completes Sale of 8 Rural Kansas Locations; Announces Agreement to Sell 3 Rural Oklahoma Locations Business Editors LEAWOOD, Kan.--(BUSINESS WIRE)--Feb. 17, 2004--Gold Banc (NASDAQ:GLDB) has completed the previously announced sale of seven rural banking locations in Northeast Kansas (Marysville, Seneca, Sabetha, Clay Center, Linn, Concordia and Washington) and a rural banking location in southwest Kansas (Elkhart.) United Bank & Trust based in Marysville, Kansas, is the purchaser of the seven Northeast Kansas locations and First National of Tribune based in Tribune, Kansas is the purchaser of the southwest Kansas location (Elkhart.) In addition, Gold Banc has entered into a contract to sell three of its locations in rural Oklahoma (Weatherford, Geary and Cordell) to Bank of Western Oklahoma of Elk City. This transaction is expected to be completed early in the second quarter of this year. The purchase price was not disclosed.
"The completion of the sale of the eight rural locations is another positive step toward the achievement of our long-term strategic goal of focusing on our high-growth metropolitan markets," explained Mick Aslin, President and Chief Executive Officer of Gold Banc. "The sale of these locations brings Gold Banc to a watershed in its plan to focus on our high-growth metropolitan markets. We will continue to own, operate and grow the 40 Gold Banks in metropolitan Kansas City; Pittsburg, Kansas; St. Joseph, Missouri; Oklahoma and Florida. The capital generated from these sales will be invested in our growth markets." "Maintaining a high level of customer service is important to Gold Banc. We believe that all of the purchasers, United Bank & Trust, the First National Bank of Tribune and Bank of Western Oklahoma each will continue to provide our former customers with the level of service they have experienced from Gold Bank. We believe that the purchasers are committed to our relationship-oriented style of banking and are deeply involved in the communities they each serve. We look forward to working with them to provide a seamless transition for our customers," Aslin concluded.
The combined deposits of the eight branches involved in the completed transactions are approximately $347.5 million, with total loans of approximately $197.8 million. The combined deposits of the 3 Oklahoma locations in the currently announced agreement are $65.3 million with combined loans of approximately $26.0 million.
In implementing its strategy of focusing on high-growth metropolitan markets and with the completion of the sales announced today, Gold Banc has sold 19 rural banks in Kansas and Oklahoma.
Gold Banc Corporation, Inc. is a bank holding company headquartered in Leawood, Kansas. Gold Banc provides banking and wealth management services through 40 locations in Kansas, Missouri, Oklahoma and Florida and is traded on the NASDAQ under the symbol GLDB.
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