GROVE (Okla.) -- Grand Bancorp, headquartered in Grove, Okla., announced its completion of the acquisition of Decatur State Bank, a subsidiary of Chambers Bank, headquartered in Danville, Ark.
The acquisition is effective as of Dec. 29, 2014, and adds locations in Decatur, Gentry and Siloam Springs to Grand Savings Bank's regional presence. With this transaction, Grand Bancorp's total assets are more than $300 million, with seven branches in Northeast Oklahoma and Northwest Arkansas.
The transaction is considered strategic and beneficial for both institutions.
"Merging Decatur State Bank into Grand Savings Bank is a great strategic move for us," stated Guy Cable, vice chairman of the board of Grand Savings Bank. "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. We are excited to now welcome the Decatur State Bank employees and their customers into our Grand Savings Bank family."
Mark Londagin, Grand Savings Bank president and CEO, stated that all branches are managed and staffed by local bankers who understand, and are committed to, the community. He said customers will see a higher level of involvement in the communities that they serve.
"Our new customers can expect to see the same local faces at the branches, yet they will be offered new opportunities as a Grand Savings Bank customer," said Londagin. "They will now have more locations to serve their banking needs, expanded product lines and enhanced technologies."
Both subsidiary banks, Grand Savings Bank and Decatur State Bank, will continue to operate separately for a brief period. The complete conversion of banking systems is expected to take place by April 1, 2015. Until that point, customers will continue to conduct business as usual at their local branch locations.
About Grand Savings
Grand Savings Bank is a $300 million dollar community bank, headquartered in Grove, Okla., with locations in Jay, Okla., and Bentonville, Rogers, Decatur, Gentry and Siloam Springs. Grand Savings Bank's mission is to provide community banking with superior service and state-of-the-art technology. Additional information may be found at www.grandsavingsbank.com.
General News on 12/24/2014