Grand Savings Bank to Buy Decatur State Bank
by October 10, 2014 8:00 am 353 views
Grand Bancorp Inc. of Grove, Oklahoma, and Chambers Bank of Danville have reached a definitive agreement for GBI to purchase Decatur State Bank, a subsidiary of Chambers Bank.
In a news release sent Friday, officials said the necessary paperwork has been filed, and the transaction is expected to close by the end of the year.
At that time, Decatur State Bank’s charter will be merged with GBI subsidiary Grand Savings Bank, which has locations in Bentonville and Rogers. Decatur State Bank has branch locations in Decatur, Gentry and Siloam Springs.
In terms of bank deposits ($127.7 million), Decatur State Bank is the second-largest bank in Benton County, behind only Arvest Bank. The bank was chartered in 1954 and has total assets of $143.7 million.
A seamless transition is assured, said Grand Savings Bank vice chairman Guy Cable.
“Merging Decatur State Bank intio Grand Savings Bank is a great strategic move for us,” Cable said. “We view Arkansas as a viable market for us to continue expanding our banking franchise and Decatur, Gentry and Siloam Springs fit nicely into our branch footprint. Chambers Bank has an outstanding reputation for taking care of their customers and employees, and we are committed to continue that tradition. We look forward to welcoming the Decatur State Bank employees and their customers into our Grand Savings Bank family.”
Grand Savings Bank, which has Oklahoma branches in Grove and Jay, had $237.8 in assets as of June 30, according to the FDIC. It opened its first location in Arkansas in November with a branch on the northwest side of Bentonville. Its Rogers branch opened this summer.