Grand Bancorp Completes Acquisition of Decatur State Bank
by January 5, 2015 12:00 am 387 views
Oklahoma-based Grand Bancorp Inc. has completed its purchase of Decatur State Bank, a subsidiary of Danville-based Chambers Bank.
The deal was announced in October. Financial terms were not disclosed.
Decatur State Bank’s charter is now 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.
Decatur State Bank was chartered in 1954 and in terms of total deposits ($127.7 million as of June 30, according to the Federal Deposit Insurance Corp.) is the second-largest bank in Benton County, behind Fayetteville-chartered Arvest Bank.
The acquisition raises Grand Bancorp’s total assets to more than $300 million at its seven bank offices in northeast Oklahoma and Northwest Arkansas.
Grand Savings Bank, which has Oklahoma branches in Grove and Jay, had $235.9 million in assets as of Sept. 30, according to the FDIC.
It opened its first location in Arkansas in November 2013 with a branch on the northwest side of Bentonville. Its Rogers branch opened in June.
Grand Savings Bank and Decatur Savings Bank will continue operating separately “for a brief period,” according to the news release. Conversion of the banking systems should take place before April 1.