FOURTH FINANCIAL CORP. ANNOUNCES AGREEMENT IN PRINCIPLE TO ACQUIRE FIRST DODGE CITY BANCSHARES, INC.
WICHITA, Kan., Nov. 18 /PRNewswire -- Fourth Financial Corp. (NASDAQ: FRTH) today announced it has reached an agreement in principle to acquire First Dodge City Bancshares, Inc., parent company of First National Bank & Trust Company in Dodge City, Kan., and Metro Bank of Broken Arrow, Okla. The agreement calls for Fourth Financial to exchange 590,700 shares of its common stock for all of Dodge City-based First Dodge City Bancshares' stock, with minority stockholders in First Dodge's two subsidiaries to receive cash. The transaction will be accounted for as a pooling of interests. Under the proposed transaction, Fourth Financial said First National Bank & Trust Co. in Dodge City would be merged into its BANK IV Kansas, N.A. subsidiary and Metro Bank of Broken Arrow would be merged into its BANK IV Oklahoma, N.A. subsidiary. First National Bank & Trust Company in Dodge City has assets of $108 million and loans of $63 million with three locations serving Dodge City. The Metro Bank of Broken Arrow has assets of $42 million, loans of $25 million and one location. The acquisition, which is subject to negotiation and the execution of a definitive agreement and receipt of regulatory approvals, is expected to be completed in the spring of 1994. "First National Bank in Dodge City has consistently been a high performing regional lender with strong ties to the community's diversified economy including the agribusiness and small business sectors," said Fourth Financial Chairman Darrell Knudson in making the announcement. "Dodge City itself is a very attractive market as it encompasses a large retail trade area that expands as far west as the Colorado border and as far south as the Oklahoma border. "Broken Arrow, with its location near Tulsa, is a very attractive market for us," said Knudson. "It's a rapidly growing community with a strong manufacturing base, and Metro Bank has a solid reputation in the area." BANK IV Kansas, with assets totaling $4.9 billion, serves customers from 31 communities. With the two proposed Kansas acquisitions, Emprise Bank-Hutchinson and First National Bank & Trust Company in Dodge City, the bank is expected to grow to an asset size of $5.2 billion with offices in 37 Kansas markets, Knudson said. BANK IV Oklahoma, with assets totaling $1.6 billion, now serves customers from seven communities. With today's Broken Arrow announcement and the proposed acquisitions of Western National Bank of Tulsa and Security Bank and Trust Company of Ponca City in the Sooner state, the bank's asset size will grow to $2.0 billion in 12 Oklahoma communities, said Knudson. Fourth Financial last month signed a definitive agreement for the acquisition of Great Southern Bancorporation, Inc. (NASDAQ: GSBC), holding company of Great Southern Savings Bank, a $515 million thrift based in Springfield, Mo. The transaction, which represents the company's first entry into Missouri, is expected to be completed in the first quarter of 1994. With $6.5 billion in assets, Fourth Financial Corp., through its BANK IV banks, provides a full line of banking and financial services for consumers, agribusiness, small businesses and mid- to large-sized companies. Fourth Financial's common stock and depositary shares are traded on the NASDAQ national market system under the symbols "FRTH" and "FRTHZ," respectively. -0- 11/18/93 /CONTACT: Michael Shonka, CFO, 316-261-4510, or Bernie McLaughlin, VP-marketing, 316-261-2095, both of Fourth Financial/ (FRTH)
CO: Fourth Financial Corp.; First Dodge City Bancshares, Inc. ST: Kansas IN: FIN SU: TNM
PS-GK -- NY043 -- 6024 11/18/93 12:27 EST
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|Date:||Nov 18, 1993|
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