CornerBank & Vintage Bank Kansas Announce Termination of Agreement
Wednesday, July 11, 2012 News Release
Officials at CornerBank and Vintage Bank Kansas announced Wednesday they have terminated the Stock Purchase Agreement they entered into this past February. Bruce Schwyhart, President and Chief Executive Officer of CornerBank and Steve Worrell, President and Chief Executive Officer of Vintage Bank Kansas, announced the termination of the Agreement.
CornerBank, N.A. is a $270 million full-service community bank based in Winfield, Kansas, serving South Central and Northeast Kansas. Vintage Bank Kansas is a $12 million community bank based in Leon, Kansas.
“As announced earlier in connection with the initiation of the Stock Purchase Agreement, it was our intent to consider all aspects of their proposal and determine how a possible purchase would affect our shareholders, customers, employees and the communities we serve,” Schwyhart said. “We have not closed the door on working out a mutually agreeable solution”
“Given the passage of time and specific requirements detailed in the Agreement, both CornerBank and Vintage agreed it was in both parties’ best interest to terminate the Agreement,” Worrell said. “Both parties see the benefits of continuing to review options that make sense to all concerned.”