First Federal Bank of Kansas City reorganizing corporate structure, forming Cosperity Bancorp, Inc.

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May 16, 2024, 10:04 ET

Mutual savings institution becomes a stock savings bank owned by newly created mutual holding company

LEAWOOD, Kan., May 16, 2024 /PRNewswire/ -- First Federal Bank of Kansas City, a mutual savings bank headquartered in Lee's Summit, Missouri, has finalized a plan to reorganize its corporate structure to form a mutual holding company under the name Cosperity Bancorp, Inc. As a result of the restructuring, First Federal Bank is now a Missouri stock savings bank wholly owned by the new mutual holding company.

"We have been innovators since our founding in 1934 and that spirit drives us still today," said J.R. Buckner, bank president and CEO. "We believe this structure will provide us with greater flexibility to grow and diversify into other financial service activities that will benefit our customers while preserving our institution's historical commitment to mutuality."

The mutual holding company also offers a path to facilitate future mergers or acquisitions of other community-oriented institutions as well as provides for new funding sources.

"In its current state, the Bank can only raise capital through organic earnings. The mutual holding company will present us with a new avenue to raise capital without going public, allowing us to remain independent and continue our focus on serving the community for years to come," said Chief Financial Officer David Houchen.

The Bank's depositors voted to approve the reorganization at a Special Meeting on March 20, 2024, followed by state and federal regulators' approval.

This year marks First Federal Bank's 90^th anniversary.

About First Federal Bank of Kansas City
Since 1934, First Federal Bank of Kansas City has pursued its mission of "helping people build a better financial future" by creating lasting customer relationships, through financial education, and a commitment to community support. As a mutual bank, community growth is company success. First Federal Bank offers retail banking products and services as well as consumer, mortgage, and construction lending, serving more than 25,000 customers across 11 locations in the KC metro area and thousands of mortgage customers nationwide.
Member FDIC. Equal Housing Lender.
www.ffbkc.com

Media Contact:
JR Buckner | President & Chief Executive Officer
[email protected]

SOURCE First Federal Bank of Kansas City