Shelbank Corporation and Heritage State Bank, Nevada, announce the sale of Shelbank Corporation to Community Bancorp, Inc. and Community National Bank and Trust, Chanute, KS.

Kyle Burch, chairman of Heritage State Bank, and Dan Mildfelt, president and CEO, and Phil Bastep, chairman of Community National Bank and Trust have signed an agreement whereby Community Bancorp, Inc. will purchase all the stock of Shelbank Corporation and acquire Heritage State Bank, which will be merged into Community National Band and Trust. The transaction is subject to shareholder and regulatory approval. The acquisition is expected to be completed in the second quarter of 2018, after receipt of regulatory approvals.

Heritage State Bank is headquartered in Nevada with other branches in Lamar, El Dorado Springs and Carthage. Heritage State Bank expects to end 2017 with approximately $140,000,000 in total assets.

“Combining the resources of these two solid community banks will ensure a continued commitment to local banking and reinvestment in the communities we have served these many years,” said Rob Barrett, president of Heritage State Bank.

Community National Bank and Trust is a community bank, headquartered in Chanute, KS, with banking centers in Arkansas City, Arma, Augusta, Benton, Burns, Caney, Chanute, Cherryvale, Coffeyville, Edna, El Dorado, Emporia, Eureka, Fredonia, Frontenac, Girard, Humboldt, Independence, Iola, Neodesha, Newton, Parsons, Pittsburg, Winfield and an LPO in Ponca City OK.

Dan Mildfelt, president and CEO of Community National Bank and Trust stated “ Community National is excited to have the opportunity to serve the people of Carthage, Lamar, Nevada, El Dorado Springs and the surrounding communities in the Barton, Cedar, Jasper, Newton and Vernon County areas.”

Community National Bank and Trust offers a wide array of unique checking account products including internet and mobile banking, savings, loans, IRB (industrial revenue bond) financing, leasing, commercial cash management and trust services to meet all your financial needs. Community National Bank and Trust expects the bank to end 2017 with approximately $975,000,000 in total assets.

“We believe this is a wonderful combination of two well respected financial institutions that will serve the Bank’s customers very well. We look forward to working with the excellent officers and staff and the fine customers of Heritage State Bank.” said Dan Mildfelt.

In 2014, during the Comptroller of the Currency Community Reinvestment Act (CRA) examination, as evidence of its commitment to the communities it serves, Community National Bank and Trust received the highly coveted rating of “outstanding.” Community National Band and Trust looks forward to acquiring these banking centers and continuing to provide exceptional banking services to each community.

It is anticipated that the employees of Heritage State Bank will remain with Community National Band and Trust after combining the two financial institutions. “Other than the sign on the door, our customers will not see many changes and we look forward to the enhanced products and services that a larger community bank can provide.” Said John Gilkey, Barton County president.