Lawrence-based Peoples Bank is selling the locations that launched the current company 38 years ago.
Peoples Inc. — the parent company for 25 banks in Kansas, Colorado and New Mexico — announced Monday that it would sell its two Peoples Bank branches in Ottawa to First National Bank of Louisburg.
The transaction is expected to close this summer, pending regulatory approval. Terms were not disclosed.
“This transition helps support current and future Peoples Bank initiatives in other markets by providing both additional capital and management focus,” said Wint Winter Jr., president and CEO of Peoples Bank, in a statement.
“Ottawa and Franklin County will always be in the roots of the Winter family and we thank everyone who has banked and worked with us over the years.”
All or most of the Ottawa branches’ employees are expected to be retained by First National.
“The combination of our team with the talented group of long-term, existing officers and staff will help the Ottawa community continue to grow and succeed,” said Joe McLiney, chairman of First National.
First National has branches in Louisburg and Stilwell. Three of Peoples’ seven Kansas locations are in Lawrence.