First Financial Bancshares, the holding firm of Great American Bank, has signed an agreement to acquire Lawrence Financial Corporation.
The financial value of the deal has not been disclosed.
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The acquisition includes Lawrence Financial Corporation’s subsidiary the University National Bank of Lawrence, together called, UNB.
As per the financials of 30 June 2021, upon completion, the merged entity will have approximately $347m in assets, $275m in loans, and $281m in deposits.
The deal is subject to several closing conditions and is expected to complete in the fourth quarter of 2021.
The University National Bank of Lawrence chairman and president Todd Sutherland said: “We are proud to partner with Great American and believe the merger is an excellent fit.
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By GlobalData“Combining with the only other independent bank in Lawrence ensures that our customers will continue to receive the same local service while also receiving competitive products and services provided by a larger community bank.”
Great American Bank president and CEO Les Dreiling said: “We are very excited about the proposed merger with UNB. Our companies share similar cultures that emphasize service to our customers, employees, and communities. The combination of the two remaining independent banks in Lawrence will create an even stronger surviving institution.”
In other US banking news, last week, American Pacific Bancorp secured a $40m investment from Document Security Systems (DSS).
In the same week, Bank holding company ST Hldgs acquired Rochelle State Bank for an undisclosed sum.
