LEAWOOD, Kan., March 2 /PRNewswire/ -- Continuing to build one of the
country's fastest growing community banking and financial services companies,
Gold Banc, (Nasdaq: GLDB), today closed its acquisition of CountryBanc Holding
Company, Edmond, Oklahoma, following approval by the shareholders of both
companies. CountryBanc, with $560 million in assets, $396 million in loans
and $475 million in deposits, is located in the largest and fastest growing
market in the Oklahoma City metropolitan area.
The total value of the CountryBanc acquisition was $75.7 million in a
stock-for-stock, tax-free exchange, which will be accounted for as a pooling
of interests. Based on the average closing price of Gold Banc common stock of
$7.9375 per share over the five-day pricing period, Gold Banc will issue
approximately 9.5 million shares in the acquisition. The deal value is 157%
of CountryBanc's book value at December 31, 1999 and is approximately 9 times
CountryBanc's projected 2000 earnings. The transaction is expected to be
immediately accretive to the earnings per share of Gold Banc. The shares of
CountryBanc are not publicly traded.
Michael W. Gullion, Gold Banc Chairman and CEO said, "The CountryBanc
acquisition solidifies Gold's community banking franchise in Oklahoma and is
consistent with our acquisition philosophy of expanding into growth markets as
well as areas contiguous to our existing operations. Together with our
Citizens Bank franchise, we will rank eighth in the state in deposit market
share for commercial banks and sixth in terms of locally managed and operating
banking institutions, giving us an even stronger platform for future growth
and diversification. We are particularly pleased to have the opportunity to
offer our broad product base, including investments, insurance, mortgage and
trust services, as well as Internet-based banking technology, to CountryBanc's
customers."
In addition to the CountryBanc acquisition, Gold Banc anticipates
completing two additional transactions in March, acquiring First Business Bank
of Kansas City, N.A. and American Bancshares, Inc., (Nasdaq: ABAN), of
Bradenton, Florida. Both transactions are still subject to shareholder
approvals. When considering these transactions, in addition to Gold's pending
acquisition of Union Bankshares Ltd. of Denver, Colorado, Gold's total assets
are expected to increase to over $2.7 billion, total deposits to approximately
$2.2 billion and shareholders' equity to over $180 million.
Safe Harbor Statement
This news release contains comments or information that constitute
forward-looking statements (within the meaning of the Private Securities
Litigation Reform Act of 1995), which involve significant risks and
uncertainties. Actual results may differ materially from the results
discussed in the forward-looking statements. Factors that might cause such a
difference include, but are not limited to: (1) expected cost savings from
acquisitions cannot be fully realized or realized within the expected time
frame; (2) revenues following the merger are lower than expected; (3)
competitive pressures among depository institutions increase significantly;
(4) costs or difficulties related to the integration of the business of the
organizations are greater than expected; (5) changes in the interest rate
environment reduce interest margins; (6) general economic conditions, either
nationally or in states in which the combined company will be doing business,
are less favorable than expected; and (7) legislation or regulatory changes
adversely affect the businesses in which the combined company would be
engaged.
For more information on Gold Banc toll-free via fax, simply dial
1-800-PRO-INFO, follow the voice menu prompts and enter the company code
"GLDB" on any touch tone phone, or visit the Gold Banc page on FRB's website
at http://www.frbinc.com .
Visit Gold Banc at http://www.goldbanc.com .
SOURCE Gold Banc
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Related links:
http://www.goldbanc.com
CONTACT:
Malcolm M. Aslin, President,
micka@goldbanc.com, J. Craig Peterson, Chief Financial Officer,
craigp@goldbanc.com, or Keith Bouchey, Exec. V.P. - M&A,
keithb@goldbanc.com, all of Gold Banc, 913-451-8050; or General
Information, Mike Arneth, 312-640-6734, or marneth@frb.bsmg.com,
or Media Inquiries, Joyce Hanson, 606-272-7322, or
hanson2000@aol.com, both of The Financial Relations Board-BSMG
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