Landmark Bancorp, the holding company of Landmark National Bank, has agreed to acquire Freedom Bancshares and its subsidiary Freedom Bank for a total consideration of $33.350m.

The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to be completed during the fourth quarter of this year.

The closing of the transaction is subject to certain customary closing conditions and approvals.

Upon closing, Freedom Bank will be merged into Landmark National Bank, and the combined company will have around $1.5bn in total assets.

Landmark National Bank president and CEO Michael Scheopner said: “Freedom Bank has been a strong commercial bank in Overland Park since its formation and the transaction allows an excellent opportunity to expand our presence in more urban areas, including Kansas City.

“The transaction will allow Freedom Bank’s customers to continue to partner with a community-focused financial institution.

“We look forward to continuing Freedom Bank’s commitment to its customers and the community it serves, and are excited to have Freedom Bank’s employees join our community banking team.”

Based in Manhattan, Kansas, Landmark National Bank is a community banking organisation engaged in providing financial and banking services.

The bank has around $1.3bn in assets and operates from 30 office locations in 24 communities across Kansas

Established in 2006, Freedom Bank operates from a single location in Overland Park, Kansas.

It has total assets worth around $223m, nearly $131.6m in total loans, and total deposits valuing $169.1m, as of 31 March 2022.

Cummings & Company served as a financial advisor and Barack Ferrazzano Kirshbaum & Nagelberg as legal counsel to Landmark on the transaction.

Also, Olsen Palmer served as financial advisor and Fenimore Kay Harrison as legal counsel to Freedom.

Freedom Bank founder, chairman and CEO Kurt Knutson said: “We are thrilled to be able to partner with a community-oriented institution like Landmark National Bank.

“We are very proud of the customer relationships we have built since our formation 16 years ago and we are excited that our customers will have Landmark to provide a high-touch community banking experience.”