Mutual savings institution becomes a stock savings bank owned
by newly created mutual holding company
LEAWOOD, Kan., May 16, 2024 /PRNewswire/ -- First Federal
Bank of Kansas City, a mutual
savings bank headquartered in Lee's
Summit, Missouri, has finalized a plan to reorganize its
corporate structure to form a mutual holding company under the name
Cosperity Bancorp, Inc. As a result of the restructuring, First
Federal Bank is now a Missouri
stock savings bank wholly owned by the new mutual holding
company.
"We have been innovators since our founding in 1934 and that
spirit drives us still today," said J.R. Buckner, bank president and CEO. "We believe
this structure will provide us with greater flexibility to grow and
diversify into other financial service activities that will benefit
our customers while preserving our institution's historical
commitment to mutuality."
The mutual holding company also offers a path to facilitate
future mergers or acquisitions of other community-oriented
institutions as well as provides for new funding sources.
"In its current state, the Bank can only raise capital through
organic earnings. The mutual holding company will present us with a
new avenue to raise capital without going public, allowing us to
remain independent and continue our focus on serving the community
for years to come," said Chief Financial Officer David Houchen.
The Bank's depositors voted to approve the reorganization at a
Special Meeting on March 20, 2024,
followed by state and federal regulators' approval.
This year marks First Federal Bank's 90th
anniversary.
About First Federal Bank of Kansas
City
Since 1934, First Federal Bank of Kansas
City has pursued its mission of "helping people build a
better financial future" by creating lasting customer
relationships, through financial education, and a commitment to
community support. As a mutual bank, community growth is company
success. First Federal Bank offers retail banking products and
services as well as consumer, mortgage, and construction lending,
serving more than 25,000 customers across 11 locations in the KC
metro area and thousands of mortgage customers nationwide.
Member FDIC. Equal Housing Lender.
www.ffbkc.com
Media Contact:
JR Buckner | President & Chief
Executive Officer
firstfed@ffbkc.com
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SOURCE First Federal Bank of Kansas
City