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Local Banks Plan To Merge

By Brian Hagen

09/25/2012

(KNZA)--A local banking company moves forward with plans to acquire a separate company, which also owns banks in the local area.

Pony Express Bancorp, Inc., of Elwood is the parent company of Pony Express Community Bank, which has locations in Horton and Elwood as well as Saint Joseph, Missouri and Paxton, Nebraska.

Now, the corporation looks to future locations, having reached an agreement to purchase Don-Co Investment Company, Inc., the parent company of the 1st Bank of Troy.

Bob Means is the President of the Pony Express Community Bank(Play Audio)

Means says if, and when, the deal is approved, the acquisition will be done in phases(Play Audio)

Management of both organizations is working together for a smooth transition.

Regulatory approval is awaited, prior to the acquisition, but is expected to happen around the start of the new year.

Pam Young, President and CEO of 1st Bank of Troy plans to retire once the transition is complete. However, she will continue to serve as a consultant and will act as Co-Chair of the 1st Bank Board of Directors.

Means will remain president, while Tom Speaks will continue as Executive Vice President and a member of the Board of Directors.

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