By Will Johnson
GRAPELAND – Dominion Bancshares, a group of Dallas investors, has officially announced it is acquiring Grapeland State Bank (GSB).
GSB President Ron Reed confirmed an investing group was interested in the bank last week, but said he was not at liberty to divulge the identity of the investors at that point.
On Monday, Aug. 13 a press release confirmed Dominion Bancshares, headquartered in Dallas, had agreed to acquire Grapeland State Bank, “a Texas state-chartered commercial bank headquartered in Grapeland, Texas.”
“This is an excellent opportunity for Grapeland State Bank to become part of an organization that will enable us to offer our customers and the communities we serve a broader array of financial services while still maintaining the convenience of local decision makers,” Reed said in the press release.
The media statement indicated GSB has approximately $36 million in assets, $25 million in loans and $31 million in deposits as of June 30 of this year. The stock purchase agreement was approved by the GSB Board of Directors and the acquisition is expected to close before the end of the year – subject to customary conditions, regulatory approval and approval by the shareholders of GSB.
Chairman, President and CEO of Dominion Bancshares, Thomas J. Mastor stated, “We are thrilled to join with GSB customers and employees. GSB, chartered in 1911, is an exceptional bank with committed and talented employees serving a fantastic community. We expect to continue operating GSB as it has for over a century, while also expanding our operations into the Dallas-Fort Worth area.”
It is possible the transaction could close by the end of 2018 or early 2018, Reed said last week.
The investment group is comprised of former banks in the Dallas area.
It will be the best of both worlds, Reed said. The bank will keep the same name, customer service and the same employees, “…but the equity put into the bank will allow us to do bigger and better things. There will be more financial products offered and it will be a lot better situation for us, long term.”
Will Johnson may be contacted via e-mail at firstname.lastname@example.org.