CFB - CrossFirst Bankshares unit to acquire Farmers & Stockmens Bank for $75M

CrossFirst Bankshares (NASDAQ:CFB) said Monday its unit CrossFirst Bank will acquire Central Bancorp's bank subsidiary Farmers & Stockmens Bank for ~$75M in an all-cash deal. The deal is expected to be $0.17, or 11.7%, accretive to CFB's EPS in 2023, assuming fully phased in cost savings. The EPS accretion estimate is based on anticipated cost savings of 20% of F&S' non-interest expense and does not include impact of potential revenue synergies. The deal is expected to expand CFB's footprint with expansion opportunities in Colorado and New Mexico. The combined firm is projected to have ~$6.2B in assets, $4.9B in loans and $5.3B in deposits. CFB plans to incorporate F&S' SBA and agricultural lending capabilities into its current platform, while bolstering its private banking business. Central Bancorp will retain its wealth management units - The Corundum Group and Corundum Trust. The deal is expected to close in H2 of 2022.

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CrossFirst Bankshares unit to acquire Farmers & Stockmens Bank for $75M