In a joint statement on October 29, J. Pat Hickman, chairman of Amarillo-based Happy State Bank, and Tommy Gunstream, chairman of Muleshoe-based Muleshoe Bancshares Inc., announced that Happy State Bank is acquiring Muleshoe Bancshares Inc. and its subsidiary, First Bank of Muleshoe, through a series of mergers. A Texas state bank, First Bank of Muleshoe holds approximately $105 million in total assets and has locations in Muleshoe, Dimmitt and Bovina. The bank was established in 1955.
As a result of the transaction, Happy State Bank will assume First Bank of Muleshoe’s approximately $14 million in loans and $93 million in deposits, increasing its total assets to roughly $5.5 billion and growing its location count to 60 branches in 44 Texas communities. The transaction is expected to close in the first quarter of 2021, pending bank regulatory and shareholder approval.
“We’ve been trying to acquire this bank for several years and perseverance finally paid off,” Hickman says. “Adding Muleshoe, Dimmitt and Bovina strengthens our Panhandle and South Plains footprint. These are some really good bankers in some really good communities, and we are very excited about furthering the spread of the ‘Happy Experience.’”
“We’re excited that the bank will be capable of offering more advanced banking products to our customers,” Phil Kent, president of First Bank of Muleshoe, says. “We are also looking forward to the many benefits this partnership with Happy State Bank will have for our employees.”
“Our two banks have built great cultures, have rich histories serving our communities and are focused on taking care of customers,” says Mikel Williamson, Happy State Bank president and CEO. “It’s our customers who will benefit from these two banks coming together to serve Muleshoe, Dimmitt and Bovina as Happy State Bank.”
Established in 1908, Happy State Bank has more than $5 billion in assets and a network of 57 locations in 41 communities across the Texas Panhandle, South Plains, Austin, Central Texas and the Dallas/Fort Worth Metroplex.