Bennington State Bank to Acquire Alliance Bank in Topeka

Berco, Inc. (Berco), the bank holding company for The Bennington State Bank (BSB), a locally owned and operated community bank, announced today that they have entered into a definitive agreement under which Berco and BSB will acquire Topeka, Kansas based New Millennium Bankshares, Inc. and its wholly-owned subsidiary Alliance Bank. This strategic acquisition will expand Bennington State Bank’s presence in key markets, reinforcing their commitment to serving Kansas communities.

The merger agreement has been approved by the boards of directors of both holding companies and banks. The transaction is subject to customary closing conditions, including regulatory approvals and approval by New Millennium Bankshares, Inc stockholders, and is expected to close in the fourth quarter of 2024.

“This acquisition is an exciting milestone,” said BSB President and CEO Darren Gragg. “Partnering with Alliance Bank will allow us to deepen our roots in the Topeka area, offering enhanced services to both new and existing customers. Our shared commitment to personalized service and local values makes this merger a perfect fit for our team and the communities we serve.”

Founded in 1998, Alliance Bank operates at two locations in Topeka, Kansas, with $149 million in assets as of June 30th, 2024. The bank was co-founded by Jeff Berkley, Mark Ault, and Steve Herron. Both Alliance Bank and BSB are family-owned institutions with longstanding ties to the community. Their shared values of community engagement and exceptional personal service have been the foundation of their success.

“Joining forces with Bennington State Bank aligns perfectly with our mission to provide personal banking experiences while maintaining our community-focused approach,” said Alliance Bank Chairman, Jeff Berkley. “We are thrilled about this partnership and look forward to continuing to serve our employees, customers, and the community with the same dedication and care that both institutions are known for."

BSB is deeply invested in the communities in which it does business. For over 135 years, BSB has served the financial needs of their customers, offering a full range of banking services to Central Kansas and beyond. BSB is a full-service financial provider, offering Consumer banking, Ag solutions, and Commercial banking, including Trust and Wealth Management, Portfolio Management and Employee Benefit Services.

Olsen Palmer LLC acted as financial advisor to New Millennium Bankshares, Inc. and Stinson LLP served as its legal advisor in the transaction. Gerrish Smith Tuck, PC served as both financial advisor and legal advisor to Berco and BSB.