(MSC News)--COMMUNITY BANCSHARES, INC. (the parent corporation of Community National Bank) and BOTS, INC (the parent corporation of  VisionBank) jointly announced today (September 1) they have executed a Definitive Agreement whereby BOTS, INC. will become a part of COMMUNITY BANCSHARES’ BANKING ORGANIZATION.

Community National Bank (CNB) President and CEO, Dorsey Hall said, “We are so very happy to acquire this high caliber institution with such a professional management team. Gary Yager and his board have operated a very successful bank. VisionBank will be a great addition allowing CNB to expand our Kansas family of customers. The culture, the customers and the staff of VISIONBANK will fit into CNB’s culture perfectly.”

Gary Yager, President/CEO of VISIONBANK said, “We are very excited about this new direction. As a smaller institution, it has been challenging and costly to meet the regulatory burden of product delivery to our customers on the technical side. The great thing about this move is our lenders and customer service staff will be here so our customers will see the same faces, but the bank will now have the strength and size of Community National. Our bankers look forward to being able to provide additional services and expanded product offerings. This economy of scale will help us all maintain a lower cost to our customers with service levels remaining at the high standard for which we are known. I personally take pride in this transaction as I believe it the best for our customers we work so hard for, and our staff.”

Hall further commented, “We are excited that a professional like Gary Yager will be joining our Management Team as well as his professional management team members. Certainly their experience is very important, but their sincere concern for VisionBank customers make the leadership and team members of VisionBank a valuable asset to Community National Bank. Gary has assembled a very professional staff that we are looking forward to working with to grow our markets and serve our customers. Gary and his team, like us at Community National, believe a customer banks with the people they trust and have confidence in, not a bank name. The Directors, Officers, Shareholders and staff of Community Bancshares sincerely care about all our staff, and all our customers. We are proud and honored that VisionBank has agreed to become a part of our organization and look forward to its staff and customers becoming a part of Community National Bank.”

The combined assets are estimated to be near $800 million once the acquisition is completed. The completion of the transaction is subject to customary conditions, including the receipt of shareholder and regulatory approvals. It is anticipated to close before the end of the fourth quarter of 2021 once required approvals are obtained. Details of the transaction have not been disclosed. Wyatt, Tarrant & Combs, LLP served as legal counsel to Community National Bank. BOTS,Inc/VisionBank was advised by Stinson, LLC as legal counsel and The Capital Corporation, Leawood, Kansas as financial advisor.