Wichita, Kan.-based Legacy Bank is expanding its footprint in the state with the acquisition of Pratt, Kan.-based First National Bank in Pratt.

The terms of the deal were not disclosed in the press release. The transaction is subject to regulatory approval and is anticipated to close in the third quarter.

SNL data shows that as of March 31, Legacy Bank, a unit of Colwich Financial Corp., had $365.0 million in assets. First National Bank, a unit of Pratt Community Bancshares Inc., had assets of $102.4 million.

For reference, SNL valuations for bank and thrift targets in the Midwest region between April 26, 2017, and April 26, 2018, averaged 162.94% of book, 168.51% of tangible book and had a median of 20.50x last-12-months earnings, on an aggregate basis.

Colwich Financial will enter Pratt County, Kan., with one branch to be ranked second with a 28.51% share of approximately $301.1 million in total market deposits.

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