MARK TWAIN BANCSHARES, INC. TO ACQUIRE PARKWAY FINANCIAL, INC.
ST. LOUIS, Feb. 11 /PRNewswire/ -- An agreement was announced today by Mark Twain Bancshares, Inc. (NASDAQ: MTWN) that it will acquire Parkway Financial, Inc., owner of Parkway Bank in Overland Park, Kan. The preliminary agreement is subject to approval by banking regulators. Details of the agreement were not disclosed. The joint announcement was made by Peter F. Benoist, executive vice president of Mark Twain Bancshares, Inc. and president of the company's banking division, Jack L. Sutherland, president and chief executive officer of Mark Twain Kansas City Bank, and David F. Priboth, chairman and president of Parkway Bank. Parkway Bank, with total assets of $42 million, operates from a single location in Overland Park, and will represent Mark Twain's second bank acquisition in Kansas. "We are very pleased to be able to announce this acquisition particularly since we have just consummated the acquisition of First Shawnee Bancshares, Inc.," said Benoist. "Parkway Bank, which was started in 1990, has been a very successful new bank in the Johnson County marketplace and its preeminent location in Overland Park, makes it a valuable addition to Mark Twain's presence in Kansas." Sutherland stated that Parkway Bank is similar to Mark Twain and First Shawnee in that the bank is an active middle-market lender that has demonstrated superior growth, good profitability and a board of directors consisting of community business leaders. No changes in management are planned in the acquisition. David F. Priboth will remain as president and Thomas E. Bishop will remain as executive vice president. Mr. Priboth said, "We are excited about the association with an organization whose business philosophy and market focus so closely mirrors our own. Mark Twain brings expanded services for our customers in trust, securities brokerage, and home mortgage areas, as well as increased lending capacity for our commercial clients. We look forward to recommending this proposed merger to our shareholders." Benoist stated that this acquisition is indicative of Mark Twain's commitment to expanding its presence in Kansas. "We are very pleased by this opportunity to expand our franchise in the Kansas City area, and we are hopeful of continuing to be able to acquire high quality institutions like Parkway." Mark Twain Bancshares, Inc. is a 29-year-old bank holding company with 30 banking locations: 18 throughout St. Louis, St. Louis County and St. Charles County; seven in the Kansas City metropolitan area; and five in Belleville and Edwardsville, Ill. Mark Twain operates 43 brokerage locations in six states. Related financial services include: Mark Twain Bond Department; Mark Twain Brokerage; Mark Twain Services, Inc.; Mark Twain Commercial Finance Division; Mark Twain International; Mark Twain Leasing Company; Mark Twain Mortgage Company; and Mark Twain Trust Division. Mark Twain stock is traded over-the-counter under the NASDAQ symbol MTWN. -0- 2/11/93 /CONTACT: Keith Miller of Mark Twain Bancshares, Inc., 314-727-1000/ (MTWN)
CO: Mark Twain Bancshares, Inc.; Parkway Financial, Inc. ST: Missouri, Kansas IN: FIN SU: TNM
SM -- NY076 -- 5833 02/11/93 15:56 EST
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|Date:||Feb 11, 1993|
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