LIBERTY, Mo.--(BUSINESS WIRE)--Liberty Bancorp, Inc. (NASDAQ: LBCP - News), with total assets of $339.1 million as of December 31, 2007, announced today that its wholly-owned subsidiary BankLiberty has entered into an agreement to acquire substantially all of the banking operations, assets, and deposits of Farley State Bank, a Missouri bank with its main office located in Parkville, Missouri. For cash consideration, BankLiberty is to acquire the Missouri banking offices located in Parkville, Farley, and Platte City, and approximately $38 million in total assets."Through this acquisition, we are adding key bank locations and people that will help us continue our market share growth in the Kansas City Northland. We already have two locations and $50 million in deposits in Platte County. This acquisition will provide additional convenient locations and services to our existing customers and further our goal to be the Northland’s convenient community bank. These new locations, combined with this summer’s opening of our North Kansas City banking center, will give BankLiberty more Northland locations than any other community bank. We are also very excited to introduce Farley State Bank’s customers to our progressive products and services coupled with a friendly, convenient, and community-focused style of banking,” said Brent Giles, Liberty Bancorp's President and CEO.
The acquisition of Farley State Bank by BankLiberty will occur in several steps, each of which is subject to regulatory approval. The required regulatory approvals are expected to be obtained in the next 120 days and, if so approved, the transaction could close in the second or third quarter of 2008.
Liberty Bancorp, Inc., through its subsidiary BankLiberty, offers banking and related financial services to both individual and commercial customers. The Bank is headquartered in Liberty, Missouri, with six additional banking centers in the Kansas City metropolitan area.
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