In a joint statement, J. Pat Hickman, Chairman and CEO ofHAPPY STATE BANK, and J. David Williams,Chairman of Commerce Bancshares, announcedthatHappy Bancshares, Inc. has agreed to purchase and assume operations ofLubbock-basedCentennial Bankand its holding companyCommerce Bancshares, Inc., which will become part of Happy State Bank.
Centennial Bankhas locationsin Lubbock, Austin, Boerne, Fredericksburg, Hart, Kerrville, New Braunfels, Plainview, Post, Slaton and Tulia and holdsapproximately$800million in total assets.
“We’ve known DavidWilliamsand his CentennialBank teamfor a number of years and, in fact, bought our Shamrock branch from them in 2015,” says Hickman.We are excited as we expand our Panhandle/South Plains footprint and move into one of the fastest growing regions in the state, the Texas Hill Country. Their corporate culture matches extremely well with ours. They have a great customer base and super talented bankers.”
“We couldn’t ask for a better organization to partner with. Happy State Bank is a well-respected, like-minded financial institution withdeep Texas roots,”said Centennial BANKChairman J. David Williams. “As always we remain deeply committed to our customersand will continue to provide the superior, personalized service to which theyhave become accustomed. This business combination willhelp us better serve our communities with a wider trade areaand expanded services while committingto stayinghighly involved in local,civic and non-profit activitiesin each of our communities. I look forward to serving in my new role on the board of directors at Happy State Bank.”
With this acquisition and that of previously-announced First State Bank of Mobeetie, HAPPY STATE BANK will have 57locations in 41Texas communities. The HAPPYbank will assume Centennial’s approximately $585 million in loans and $679million in deposits, increasing its total assets to approximately $4.4billion.
This transaction isexpected to close in the first quarter of 2020pending bank regulatory and shareholder approval.
HAPPYSTATE BANK has been providing quality financial services to its friends and neighbors since1908. It currently operates through branch offices in Happy, Abilene, Addison, Allen, Amarillo, Bedford, Borger, Canadian, Canyon, Dalhart, Dumas, Floydada, Fort Worth, Hereford, Higgins, Lockney, Lubbock, Matador, Memphis, Olton, Pampa, Panhandle, Plainview, Shamrock, Silverton, Stratford, Sunray, Turkey, Texlineand White Deer.
Source: Company Press Release
