By Newton Now Staff
In a press release Tuesday night, Midland Bank, of Newton, announced it would be acquired by Docking Bancshares—parent company of Union State Bank (USB), pending regulatory approvals.
The transition is expected to take place in the fourth quarter of the year. Midland Bank will continue operating under the name Midland until later in 2020, “when banking systems are converted,” according to a press release.
John Suderman, chair of the Midland Board, characterized Union State Bank as a financially sound community bank with a long and rich history of community involvement and customer service.
“It is evident to me this opportunity will enhance our ability to provide elevated banking options with the convenience of more locations across Kansas, coupled with a broader array of financial products and services,” Suderman said. “It’s definitely a win-win for both of our banks and our customers.”
USB is based in Arkansas City and has been operating for 111 years, according to the release, and has 10 banking locations serving communities of Arkansas City, Udall, Winfield and Wichita in Kansas and Bartlesville and Edmond in Oklahoma. Union State Bank offers a full range of electronic, deposit and cash management services, as well as business and agriculture, commercial real estate, construction, mortgage, residential and consumer loans.
Until the bank system conversion and rebranding is complete, customers of Union State Bank and
Midland National Bank should continue to conduct business as usual at their existing bank locations.
Throughout the process, customers of Midland National Bank can expect to receive additional
information from Union State Bank well in advance of any changes. If customers have questions, they
should contact their local branch office.
Bill Docking, president, CEO, and chairman of the board for Docking Bancshares, Inc., said this will be USB’s third bank merger since 2006, and all past mergers have gone smoothly.
“Midland National Bank customers can be assured that we will continue to offer the hometown service and hometown values to which they’ve grown accustomed,” he said.
Midland President Ron Lang will stay on following the merger as market president.
“Ron’s knowledge of the community and Midland’s customers is a tremendous asset as he shares our philosophy in how we value our customer relationships and how we conduct our banking business,” USB CEO Erik Kurtz said.
According to the release, at closing the merger will bring Union State Bank’s total asset size to more than $475 million and add five additional Kansas branch locations. The transaction is subject to customary closing conditions, including the approvals of the appropriate regulatory authorities and the shareholders of Midland Financial Corporation.
Before the merger, Midland accounted for $136 million in assets to USB’s $339 million.