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Bryant Bancshares seeks to buy Richland State Bank

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Bryant Bancshares seeks to buy Richland State Bank

Bryant, S.D.-based Bryant Bancshares Inc. has filed an application with the Federal Reserve to acquire all the voting shares of Bruce, S.D.-based Richland State Bank.

SNL valuations for bank and thrift targets in the Midwest region between June 29, 2017, and June 29, 2018, averaged 159.44% of book, 167.58% of tangible book and had a median of 20.50x last-12-months earnings, on an aggregate basis.

As of March 31, Bryant State Bank had $37.2 million in assets, while Richland State Bank had $42.4 million in assets.

Bryant Bancshares will enter Brookings County, S.D., with one branch to be ranked sixth with a 2.67% share of approximately $1.22 billion in total market deposits.

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