The new Vintage Bancorp – a corporation that will become a holding company – has entered into a stock purchase agreement with Cornerstone Alliance, a holding company for CornerBank in Winfield.
“Basically, Vintage Bancorp is purchasing CornerBank, if you will,” says Bruce Schwyhart, Cornerstone and CornerBank president. “CornerBank will continue to be a national bank.”
CornerBank has $278 million in assets. Vintage Bank, which until recently was known as the Bank of Leon, has more than $14 million in assets.
“We’re pleased with the CornerBank opportunity, and in the future, hopefully we’ll be looking for additional acquisitions,” Hartman says. “Presently, 100 percent of our time and effort is going to be to complete the acquisition of CornerBank.”
The deal is expected to close in July or August after shareholder and regulatory approval.