Alva and Kiowa, Kansas — Grace Investment Company Inc. has announced the merger of two of its wholly owned banks. The merger of First State Bank of Kiowa, Kansas, into Alva State Bank & Trust Company will result in each bank doing business from their current location, under the same charter, and becoming a banking organization with over $384 million in total assets. The parties will seek regulatory approval from both state and federal banking regulators and intend to close the transaction following regulatory approvals sometime in the next several months.

Ken Schultz, president and CEO of both...