Landmark Bancorp, Inc. Completes Acquisition of Freedom Bancshares, Inc.
October 04 2022 - 4:31PM
Landmark Bancorp, Inc. (Nasdaq: LARK) (“Landmark”), the holding
company of Landmark National Bank, announced today that it has
completed its acquisition of Freedom Bancshares, Inc. (“Freedom”),
the holding company of Freedom Bank, which has total loans and
deposits of approximately $117 million and $150 million,
respectively. As a result of the merger, which was completed prior
to the opening of business on October 1, 2022, Landmark now has
total assets of approximately $1.5 billion and total deposits of
approximately $1.3 billion with 31 branches in 24 communities
across Kansas, including Freedom’s former headquarters location in
Overland Park, Kansas.
“We are extremely gratified by the strong
support and collaboration of our shareholders, customers,
management and associates throughout this process,” commented
Michael E. Scheopner, Landmark’s President and CEO. “Now that the
merger is completed, we look forward to incorporating Freedom
Bank’s successful operations and personnel into Landmark National
Bank’s existing footprint across Kansas. We will continue to
provide all of our customers, including those joining us through
this acquisition, with a customer-friendly partner focused on
providing a wide range of valuable Landmark products and
services.”
The combined company is operating under the name
“Landmark Bancorp, Inc.” and will continue to list its common stock
on the Nasdaq Global Select Market and trade under the symbol LARK.
Principal offices of Landmark will remain at 701 Poyntz Avenue,
Manhattan, Kansas 66502.
Cummings & Company, LLC acted as financial
advisor and Barack Ferrazzano Kirshbaum & Nagelberg LLP served
as legal counsel to Landmark. Olsen Palmer LLC acted as financial
advisor and Fenimore Kay Harrison LLP served as legal counsel to
Freedom.
About Landmark
Landmark Bancorp, Inc., the holding company for
Landmark National Bank, is listed on the Nasdaq Global Market under
the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark
National Bank is a community banking organization dedicated to
providing quality financial and banking services. Landmark National
Bank has approximately $1.5 billion in assets and operates out of
31 locations in 24 communities across Kansas: Manhattan (2),
Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend
(2), Hoisington, Iola, Junction City, Kincaid, La Crosse, Lawrence
(2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie,
Overland Park (2), Paola, Pittsburg, Prairie Village, Topeka (2),
Wamego, and Wellsville, Kansas. Visit www.banklandmark.com for more
information.
Special Note Concerning Forward-Looking
Statements
This press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to the financial condition, results
of operations, plans, objectives, future performance and business
of Landmark. Forward-looking statements, which may be based upon
beliefs, expectations and assumptions of our management and on
information currently available to management, are generally
identifiable by the use of words such as “believe,” “expect,”
“anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,”
“could,” “should” or other similar expressions. Additionally, all
statements in this press release, including forward-looking
statements, speak only as of the date they are made, and Landmark
undertakes no obligation to update any statement in light of new
information or future events. A number of factors, many of which
are beyond our ability to control or predict, could cause actual
results to differ materially from those in our forward-looking
statements. These factors include, among others, the following: (i)
the effects of the COVID-19 pandemic, including its effects on the
economic environment, our customers and operations, as well as
changes to federal, state or local government laws, regulations or
orders in connection with the pandemic; (ii) the strength of the
local, national and international economies; (iii) changes in state
and federal laws, regulations and governmental policies concerning
banking, securities, consumer protection, insurance, monetary,
trade and tax matters; (iv) changes in interest rates and
prepayment rates of our assets; (v) increased competition in the
financial services sector and the inability to attract new
customers; (vi) timely development and acceptance of new products
and services; (vii) changes in technology and the ability to
develop and maintain secure and reliable electronic systems; (viii)
our risk management framework; (ix) interruptions in information
technology and telecommunications systems and third-party services;
(x) changes and uncertainty in benchmark interest rates, including
the elimination of LIBOR and the development of a substitute; (xi)
the effects of severe weather, natural disasters, widespread
disease or pandemics, or other external events; (xii) the loss of
key executives or employees; (xiii) changes in consumer spending;
(xiv) integration of acquired businesses; (xv) unexpected outcomes
of existing or new litigation; (xvi) changes in accounting policies
and practices, such as the implementation of the current expected
credit losses accounting standard; (xvii) the economic impact of
armed conflict or terrorist acts involving the United States;
(xviii) the ability to manage credit risk, forecast loan losses and
maintain an adequate allowance for loan losses; (xix) declines in
the value of our investment portfolio; (xx) the ability to raise
additional capital; (xxi) cyber-attacks; (xxii) declines in real
estate values; (xxiii) the effects of fraud on the part of our
employees, customers, vendors or counterparties; and (xxiv) any
other risks described in the “Risk Factors” sections of reports
filed by Landmark with the Securities and Exchange Commission.
These risks and uncertainties should be considered in evaluating
forward-looking statements, and undue reliance should not be placed
on such statements. Additional information concerning Landmark and
its business, including additional risk factors that could
materially affect Landmark’s financial results, is included in our
filings with the Securities and Exchange Commission.
FOR FURTHER INFORMATION CONTACT:
Landmark Bancorp, Inc.Landmark National BankMichael E.
Scheopner, President and CEO(785) 565-2000
Landmark Bancorp (NASDAQ:LARK)
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