Winfield-based CornerBank has entered discussions with Wichita-based Emprise Bank about a possible merger, officials from both banks announced Wednesday.
The banks said they were making the announcement to "avoid rumors and speculation."
"While we have visited informally over the years, our board has agreed to enter into these discussions with Emprise Bank. We are excited to review further proposals that may come from Emprise," said Bruce Schwyhart, CornerBank’s president and CEO.?
"It is our intent to consider all aspects of their proposal and determine how a possible merger would affect our shareholders, customers, employees and the communities we serve. We will move forward to consummate an agreement only if all stakeholders’ needs are met."
CornerBank is a $240 million full-service bank serving Southcentral and Northeast Kansas. Emprise is a $1.2 billion institution that operates 41 locations in Kansas.
"CornerBank has a very valuable franchise and fits well strategically and culturally with Emprise," Emprise President and CEO Tom Page said.? "We will begin our due diligence immediately, and then be in a position to propose a definitive agreement in the near future."
Any agreement would be subject to shareholder and regulatory approval.
In August, the Office of the Comptroller of the Currency announced CornerBank would be under closer scrutiny by the federal government. At the time, bank officials said they were seeking to secure more capital.
