The Bank of Tescott to Acquire First Bank of Beloit
Exciting News: The Bank of Tescott to Acquire First Bank of Beloit
We are thrilled to jointly share a significant milestone in our journeys as locally owned and operated community banks. Tescott Bancshares, Inc., the bank holding company for The Bank of Tescott, has entered into a definitive agreement with First National Bankshares of Beloit, Inc., to acquire all the issued and outstanding shares of capital stock of First Bank of Beloit.
A Legacy of Strength and Commitment
For over 137 years, The Bank of Tescott has been dedicated to supporting individuals, businesses, and farmers with exceptional banking services. With nearly $500 million in assets and branches in Lincoln, Tescott, Salina, and Lindsborg, we are proud of our role as a trusted financial partner.
First Bank of Beloit, established in 1884, has long been a cornerstone of the Beloit community, with over $110 million in assets. Their deep-rooted commitment to customer service and community involvement makes this partnership a perfect fit. Together, we will build on our shared values and create even more opportunities for our customers and employees.
What This Means for You
This acquisition isn’t just about growth—it’s about providing greater value to the people we serve. Here’s what you can expect:
- Enhanced Services: The combination of The Bank of Tescott and First Bank of Beloit will introduce a wider range of financial products, enhanced online and mobile banking solutions, and more personalized banking experiences.
- Expanded Network: By expanding more into North Central Kansas, we can better serve a larger customer base while continuing to focus on local, relationship-based banking.
- Commitment to Employees: We are committed to maintaining the high standards of employment set by both banks. Culture is of top priority, and we strongly feel both banks align in that capacity. We plan to integrate the teams smoothly, focusing on opportunities for professional growth and development.
- Seamless Customer Experience: There will be no immediate changes to banking services. Customers will receive clear and timely communication about the transition as we move forward.
- Regulatory Approvals & Timeline: The acquisition is subject to customary closing conditions including regulatory approvals. We anticipate the process to be finalized by late June 2025.
A Word from Our Leadership
Larry Fief, President & CEO of The Bank of Tescott:
"We are excited about this opportunity to unite with First Bank of Beloit, which shares our commitment to customer service excellence and community involvement. Together, we will strengthen our position in the market and continue to provide innovative and reliable banking solutions. Our vision statement is ‘Committed to Those We Serve,’ and this alliance with First Bank of Beloit ensures that commitment continues for generations to come.”
Aaron Lampert, President & CEO of First Bank of Beloit:
“In an ever-changing banking industry, planning for the future always means doing what is best for our customers. After careful consideration, we have decided to merge with The Bank of Tescott, a decision made with the long-term best interests of our customers and the Beloit community in mind. The Bank of Tescott offers a wide range of superior products while upholding the same banking philosophies in which we believe. In a challenging market, this transition will allow us to remain competitive, expand our products and services, and continue providing the high level of service our customers deserve and expect.”
Stay Connected
We are grateful for the trust and support of our customers, employees, and shareholders. More details will be shared in the coming weeks, so stay tuned! For further inquiries, please contact Larry Fief at 785-825-1621 or [email protected]. You can also visit our website at www.bankoftescott.com for updates. Member FDIC.