GREAT PLAINS BANCSHARES, INC. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE PROVIDENCE BANK OF TEXAS, SSB
Press Release
July 26, 2022
GREAT PLAINS BANCSHARES, INC. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE PROVIDENCE BANK OF TEXAS, SSB
Oklahoma City, Oklahoma, July 26, 2022 – Great Plains Bancshares, Inc. today announced that it has entered into a definitive agreement to acquire Providence Bancshares Corporation and its wholly-owned subsidiary, Providence Bank of Texas, SSB, Southlake, Texas.
The acquisition of Providence Bank of Texas expands Great Plains Bancshares’ growing footprint in the Dallas-Fort Worth Metropolitan area. Following the transaction, Mark Lovvorn, Chairman of the Board of Providence Bank of Texas, will continue as Chairman Emeritus for the Texas Division of Great Plains National Bank, and Randall McCauley, President and Chief Executive Officer of Providence Bank of Texas, will continue as Market President of the Southlake and Fort Worth markets.
“We are very excited about this opportunity to further expand our banking organization in this major metropolitan area of Texas,” said Mark L. Russell, Chief Executive Officer of Great Plains Bancshares. “Providence Bank of Texas is a well-managed bank that has experienced solid growth in assets and earnings and has excellent growth potential in its market areas. We are most impressed with their management and board, who share our same values, philosophies, and commitment to outstanding customer service.” “This is a strategic acquisition for our company to strengthen our footprint and name recognition in this high-growth area,” Russell added.
“Joining with Great Plains will mean new and expanded products and services for our customers, including access to Great Plains’ full suite of mortgage products, and greater opportunities for our employees while allowing us to maintain our focus on serving the Southlake and Fort Worth area communities,” said Mark Lovvorn, Chairman of the Board of Providence Bank of Texas. “Our bank will continue to have the same friendly people and the same commitment to being involved in the community, but with the added resources of a highly respected, larger banking organization. We will soon be able to offer an expanded array of loan and depository products, including state-of-the-art mobile banking, a larger lending capacity, and treasury management services.”
Completion of the transaction is subject to customary closing conditions, including regulatory and shareholder approvals. Following the successful completion of these steps, it is anticipated the transaction will close during the fourth quarter of 2022.
Fenimore Kay Harrison LLP served as legal counsel to Great Plains Bancshares. Hillworth Securities, LLC served as financial advisor to Providence Bancshares Corporation and Larry Temple served as its legal advisor.
About Great Plains Bancshares, Inc.
Great Plains Bancshares is a financial holding company headquartered in Elk City, Oklahoma. Its wholly owned bank subsidiary, Great Plains National Bank, was founded in 1996, as a successor to the original charter of The Groves National Bank, established in 1907. Deeply rooted in Great Plains National Bank’s history is a culture committed to providing personalized, relationship banking to its clients and communities. Great Plains National Bank provides a broad array of commercial and consumer financial products and services, including mortgage, investment, and wealth management services, to small businesses, agricultural enterprises, individuals, and retail clients, and currently operates 22 banking centers located in Oklahoma and Texas. As of March 31, 2022, Great Plains National Bank reported approximately $1.1 billion in total assets, $895 million in total loans, $1.0 billion in total deposits, and $105 million in total equity. For more information, visit www.gpbankok.com.
About Providence Bancshares Corporation
Providence Bancshares Corporation is a bank holding company headquartered in Southlake, Texas. Its wholly owned bank subsidiary, Providence Bank of Texas, SSB, was founded as a de novo in 2007. Providence Bank of Texas, SSB provides commercial and retail banking services to small businesses, individuals, and retail clients through its two banking centers located in Southlake, Texas, and Fort Worth, Texas. As of March 31, 2022, Providence Bank of Texas, SSB reported approximately $200 million in total assets, $136 million in total loans, $164 million in total deposits, and $23 million in total equity. For more information, visit www.providencebanktx.com.
For More Information:
Mark L. Russell, Chief Executive Officer
Great Plains Bancshares, Inc. (580) 688-3323