Western Bank completes merger with Gruver State Bank
Circle I Bank Group Inc., the parent bank holding company for Western Bank based in Lubbock, recently announced the completion of its merger with GSB Bancshares Inc., the parent bank holding company for Gruver State Bank.
“This merger creates a unique opportunity to combine our two family-owned banks that have a common culture of community service,” said Kyle Irwin, president and CEO of Gruver State Bank. “And now we can carry forward the vision of our grandfather, Kenneth Irwin, to expand our community bank to other regions of Texas.”
The merger became effective Sept. 13. Under the terms of the definitive agreement, GSB Bancshares merged with and into Circle I Bank Group, with Circle I Bank Group surviving the merger. Immediately following the merger of the holding companies, Gruver State Bank was merged with and into Western Bank, with Western Bank surviving the merger.
The merger of these institutions has created a combined institution with more than $350 million in total assets, $240 million in total loans, $291 million in total deposits and $31 million in capital.
As a result of the merger, the former main office of Gruver State Bank has become a full-service branch of Western Bank, complementing its existing branch network in Texas that includes locations in Lubbock, Abilene, Big Spring, Brownwood, Coahoma and Loraine.
“This merger allows our family to stay committed to the Panhandle and the relationships we have built for over 70 years,” stated Dan Odom, president and CEO of Western Bank. “We look forward to combining the talented staff of Gruver State Bank with our network of banks across West Texas.”
Gruver State Bank was established in 1946 and was purchased by Kenneth Irwin, the grandfather of Kyle Irwin and Dan Odom, in 1982.