This week Academy Bank, a bank with $1.9 billion in assets, announced the acquisition of Missouri based KCB Bank, increasing its presence in the Kansas City area with five additional bank locations that will include Kearney, Liberty, and Gladstone, Missouri. In all, Academy Bank will now have 25 locations throughout the Kansas City area.
Academy Bank locations are also in the states Arizona, Colorado and Kansas with about 70 physical locations in total CEO of Academy Bank Paul Holewsinski commented, “Academy Bank’s merger with KCB is a good fit that enables us to establish our footprint in Kansas City’s Northland communities as part of our steady expansion across the metro area. By joining two strong, family-owned community banks, KCB and Academy Bank clients will benefit from newly combined resources that offer greater convenience with the latest banking innovations for a fast, easy and personal banking experience.”
Academy Bank also has a sister bank called Armed Forces Bank that specifically serves retired military clients globally, with 35 domestic branches. The bank also stated plans to open a retail banking center in Lenexa, Kan. next year.
Additionally, the bank is looking to expand its drive through banking footprint through its Academy Express program, which allows customers to interact with a live banker that can assist them through most of the services the bank provides. The service also expands service hours beyond traditional banking hours from 8 am – 10 pm, and also five hours on Sunday. While physical branches present a challenge for a number of small to midsize banks in terms of profit margins, innovation allows high tech and high touch opportunities to help expand the services.
The bank offers commercial and business banking, treasury management and mortgage services as well as traditional retail services in the four states they cover. KCB Bank is another example of a true community bank that would struggle in the future with a business model with limited resources for financial technology upgrades as well as lower fees that can be justified in the banking industry.
- When Implementing New Technology, Focus on The Customer Experience
- Bank of America Adds Free Trades for Top Customers
- If You Can’t Beat Them, Join Them: How Banks Can Better Tap into the Market for Mobile Financial Services
- JP Morgan Bank Earnings Beat Expectations, What it Means for Banks
- AI or Die: 4 Ways Model Governance Can Help You Win at Digital Transformation