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BANK IV TO ACQUIRE 2 JOHNSON COUNTY, KANSAS BANKS STRENGTHENS POSITION IN NORTHEAST KANSAS MARKET

 BANK IV TO ACQUIRE 2 JOHNSON COUNTY, KANSAS BANKS
 STRENGTHENS POSITION IN NORTHEAST KANSAS MARKET
 WICHITA, Kan., April 8 /PRNewswire/ -- Fourth Financial Corp. (NASDAQ: FRTH) today announced that its subsidiary BANK IV Kansas, N.A., has reached agreements to acquire the $100-million Kansas National Bank and Trust Co. and the $80 million Southgate Bank, both based in Johnson County, Kan. The five Kansas National and Southgate locations will join the BANK IV system upon receipt of regulatory approval. With the acquisitions, BANK IV will have a total of 17 locations serving the growing Johnson County market, more than any other financial services provider. Johnson County, part of the greater Kansas City metropolitan area, was one of the fastest growing counties in the Midwest with a 31.4 percent growth in population in the last decade.
 "Kansas National and Southgate are both attractive institutions because they will complement our existing franchise in a way that adds value for our shareholders," said Fourth Financial Chairman Darrell Knudson. The transactions are anti-dilutive on an earnings per share basis and will be accounted for as poolings of interest. Fourth Financial will issue stock to acquire all the shares of KNB Bancshares, Inc., Kansas National's bank holding company and Southgate Banking Corp., Southgate's holding company. Fourth Financial expects to issue a total of 763,000 shares in the two transactions and will also assume existing indebtedness.
 Kansas National Bank has assets of approximately $100 million and $90 million in deposits. The bank has two locations: 4200 West 83rd St. in Prairie Village and 12220 State Line Rd. in Leawood. Southgate Bank has assets of nearly $80 million and deposits of $75 million. The institution is located at 7500 State Line Rd. in Leawood and 7600 State Line Road in Prairie Village and in a grocery store at 12200 State Line Road in Leawood.
 Both institutions' five locations will be operated as part of BANK IV's four-county Kansas City region which includes Douglas, Franklin, Johnson and Wyandotte Counties. "These acquisitions will allow us to better serve this region," noted Knudson.
 When completed, these acquisitions will bring the total assets acquired by Fourth Financial thus far in 1992 to $307 million. In addition to Kansas National and Southgate, the company has an agreement to acquire, for cash, the $76 million Farmers & Merchants Bank in Colby, Kan. and assumed $51 million in savings and loan deposits in Hays, Kan. "Both acquisitions enhance our existing western Kansas franchise and will contribute immediately to earnings per share," added Knudson.
 Fourth Financial Corp. is a Wichita-based financial services company with consolidated assets of $4.1 billion. It operates 67 offices in 28 communities under the name BANK IV Kansas, N.A., which provides a full line of banking services to consumer and business customers in the markets it serves. Fourth Financial Corporation's common stock and depositary shares are traded on the NASDAQ National Market System, symbol "FRTH" and "FRTHZ," respectively.
 -0- 4/8/92
 /CONTACT: Brent Thompson, senior vice president of Fourth Financial, 316-261-4403; Jack Queeney or Michael Arneth, 312-266-7800, or Regina Ryan, 212-661-8030, all of The Financial Relations Board for Fourth Financial/
 (FRTH) CO: BANK IV Kansas, N.A.; Fourth Financial Corp.; Kansas National Bank
 and Trust Co.; Southgate Bank ST: Kansas IN: FIN SU: TNM


SM -- NY070 -- 6295 04/08/92 13:19 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
Words:555
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