The holding companies for the Bank of Blue Valley and the Morrill & Janes Bank and Trust Company have agreed to a deal to merge the two Kansas City-area banks.
Heartland Financial USA Inc., which owns Morrill & Janes, will acquire Blue Valley Ban Corp., which owns Bank of Blue Valley, the companies announced Wednesday.
Morrill & Janes and Bank of Blue Valley will operate under the Bank of Blue Valley name and make their headquarters in Overland Park, Kansas, BVBC’s current home. The combined bank will have $1.3 billion in assets and 13 branches, according to a press release.
The all-stock transaction is valued at about $93.9 million, or approximately $14.87 per share of Blue Valley Ban Corp. common stock.
Robert Regnier, Bank of Blue Valley chairman, president and CEO, will become executive chairman and CEO of the combined company. Wendy Reynolds, president and CEO of Morrill & Janes, will be president.