On July 26, Great Plains Bancshares Inc., along with its subsidiary, Elk City, Oklahoma-based Great Plains National Bank, announced that it has entered into a definitive agreement to acquire Providence Bancshares Corp. and its wholly owned subsidiary, Southlake-based Providence Bank of Texas SSB. The acquisition expands Great Plains Bancshares’ growing footprint in the Dallas/Fort Worth metroplex. The transaction is expected to close during the fourth quarter of 2022.
Following the transaction, Mark Lovvorn, chairman of the board of Providence Bank of Texas, will serve as chairman emeritus for the Texas division of Great Plains National Bank, and Randall McCauley, president and CEO of Providence Bank of Texas, will serve as market president of the Southlake and Fort Worth markets.
“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,” says Mark L. Russell, CEO of Great Plains Bancshares. “We are most impressed with their management and board, who share our same values, philosophies and commitment to outstanding customer service.”
“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,” Lovvorn says. “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.”
Fenimore Kay Harrison LLP served as legal counsel to Great Plains Bancshares. Hillworth Securities LLC served as financial advisor to Providence Bancshares Corp. and Larry Temple served as its legal advisor.
Established in 2007, Providence Bank of Texas SSB has two banking centers located in Southlake and Fort Worth. As of March 31, 2022, it reported approximately $200 million in total assets, $136 million in total loans, $164 million in total deposits and $23 million in total equity.
Established in 1996, Great Plains National Bank is a successor to the original charter of The Groves National Bank, established in 1907. The bank operates 22 branches in Oklahoma and Texas. As of March 31, 2022, it reported approximately $1.1 billion in total assets, $895 million in total loans, $1 billion in total deposits and $105 million in total equity.