A bank with Lawrence ties has inked a deal to change its ownership structure.
Winfield-based CornerBank, which has a branch at 1201 Wakarusa Drive, will sell its shares to Vintage Bancorp, a proposed bank holding company that is being formed by executives with Vintage Bank Kansas, a small community bank in Leon. Several shareholders of CornerBank also are expected to join the new holding company.
“CornerBank was looking for some new shareholders to take them to another level,” said Steven Worrell, president of Vintage Bancorp. “Some of their shareholders also were looking to get out and we are looking to grow, and we like their management team.”
Worrell said he doesn’t have any immediate plans to change the Lawrence operations, but he said the company is looking to expand into new markets. The company plans to keep the CornerBank name. CornerBank’s management team and employees are expected to continue with the new company.
CornerBank is listed as about a $275 million bank with locations in Winfield, Arkansas City, Wellington, Douglass, Oxford, Wichita and Lawrence. Vintage Bank Kansas is a $14 million bank with a single location in Leon.