In Oklahoma, Enid-based Liberty Federal Savings Bank agreed to merge into Hollis-based Great Plains National Bank, the Enid News & Eagle reported Feb. 13.
The transaction is expected to close in the second quarter, subject to regulatory approval, the report added. Terms of the deal were not disclosed, but for reference, SNL valuations for bank and thrift targets in the Southwest between Feb. 13, 2017, and Feb. 13, 2018, averaged 169.32% of book, 178.01% of tangible book and had a median of 18.56x last-12-months earnings, on an aggregate basis.
Lindsey Hopkins, Great Plains National Bank's marketing director, said Liberty Federal Savings Bank's two branches in Enid will remain open after the transaction is completed, according to the report. Liberty Federal Savings Bank also has a branch in Stillwater, Okla., and in Frisco, Texas. In Oklahoma, the acquirer is expected to enter Garfield County with two branches, where it will rank sixth with a 4.34% share of $1.38 billion in total market deposits, and enter Payne County with one branch, to be ranked No. 16 with a 0.72% share of $1.87 billion in total market deposits. In Texas, it enters Collin County with one branch, to be ranked No. 55 with a 0.02% share of $26.28 billion in total market deposits.
Great Plains National Bank, a subsidiary of Great Plains Bancshares Inc., already has 17 locations in Oklahoma, the newspaper reported. According to S&P Global Market Intelligence data, Great Plains National Bank had $629.0 million in total assets as of Dec. 31, 2017. Liberty Federal Savings Bank had $77.7 million in total assets at the end of 2017.